By Hanny Wan
Jan. 16 (Bloomberg) -- Hong Kong’s mainland Chinese bank stocks rose after China’s sovereign wealth fund said it has been buying shares in the nation’s three biggest banks.
Industrial & Commercial Bank of China Ltd. climbed 3.3 percent, China Construction Bank Corp. advanced 4 percent, while Bank of China Ltd. added 3.1 percent. HSBC Holdings Plc retreated 3.1 percent after Goldman Sachs Group Inc. cut its rating to “sell.”
“If you take a two- to three-year view, there will be some banks which are capable of surviving this round of financial crisis,” said John Koh, regional investment director at MEAG Hong Kong Ltd., which manages $1.1 billion. “However, there are still too many uncertainties. Some people may wait till more financial data come out before they decide to buy.”
The Hang Seng Index slipped 16.17, or 0.1 percent, to 13,226.79 as of 3:24 p.m. local time, extending its losses this week to 8.1 percent. The measure fell as much as 1 percent and climbed as much as 1.4 percent today. More than half of the 201- member Hang Seng Composite Index advanced.
The Hang Seng China Enterprises Index, which tracks Chinese companies’ so-called H shares, rose 1 percent to 7,112.18.
To contact the reporter on this story: Hanny Wan in Hong Kong at hwan3@bloomberg.net
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