Hong Kong stocks advanced, sending the benchmark Hang Seng Index to its highest level in almost two weeks, after Cnooc Ltd. (883) posted earnings that exceeded analyst estimates and raw material suppliers gained.
Cnooc, China’s biggest offshore oil producer, climbed 2.2 percent after saying 2010 profit increased 84 percent to a record, beating estimates. Jiangxi Copper Co., China’s No. 1 producer of the metal, and Aluminum Corp of. China Ltd., the nation’s largest supplier of the metal, gained at least 1.2 percent after a gauge of industrial metals in London rose to a three-week high yesterday.
The Hang Seng Index gained 0.7 percent to 22,994.51 as of 9:51 a.m. in Hong Kong, heading for its highest close since March 14. About six shares advanced for each that declined among the index’s 45 companies. The gauge slumped 4.1 percent last week, the biggest weekly drop since February, amid concern Japan’s strongest earthquake and damage to a nuclear plant would cripple the world’s third-biggest economy.
The Hang Seng China Enterprises Index of H shares of Chinese companies increased 0.9 percent to 12,868.06. Futures on the Hang Seng Index (HSI) climbed 0.7 percent.
The London Metal Exchange Index of prices for six industrial metals including copper and aluminum jumped 2.3 percent yesterday to a three-week high. （Bloomerg）
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