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Equities

Hong Kong stocks defy Wall Street drop as Chinese shares rally

HSBC recovers after post-earnings retreat; ABC, ICBC lead mainland banks higher

HONG KONG (Nikkei Markets) -- Hong Kong shares were up by midday on Wednesday, led by gains in Chinese stocks listed in the city while mainland markets remained closed for the Chinese New Year break.

The Hang Seng Index had gained 0.9% to 31,153.39 by the noon lunchbreak. HSBC Holdings added 0.9% following a 3.1% drop on Tuesday, when the London-headquartered lender reported weaker-than-expected pretax profit for 2017. Internet major Tencent Holdings climbed 1.3%. Mainland lender Agricultural Bank of China (ABC) advanced 2.8% to lead the Hang Seng China Enterprises Index 1.4% higher, while Industrial & Commercial Bank of China (ICBC) and China Construction Bank (CCB) added 2% and 1.7%, respectively.

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