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Equities

Energy stocks, Wall Street rally lift Hong Kong shares for 14th day

Tencent recovers, while Beijing Airport slides on stake sale by shareholder

HONG KONG (Nikkei Markets) -- Hong Kong shares set course for a record 14th straight day of gains on Friday, as rising oil prices helped lift energy shares and an overnight rebound on Wall Street boosted investor sentiment in Asia.

The Hang Seng Index was up 0.3% to 31,211.32 by the noon break. Offshore oil producer CNOOC climbed 2.3% after global crude oil prices settled at three-year highs on Thursday. Coal miner China Shenhua Energy added 2%, while China Petroleum & Chemical (Sinopec) and PetroChina rose 1.6% and 1.5%, respectively. Tencent Holdings resumed gains after two consecutive declines, rising 0.5% by midday.

Energy stocks in the rest of the region also rose, lifting the Nikkei Asia300 Index 0.5% after U.S. equity indexes revisited record highs on Thursday ahead of the start of the October-December quarter corporate earnings season next week. The city's main gauge, which has advanced for 13 consecutive days, is about 400 points away from a record closing high set in October 2007.

In mainland China, the Shanghai Composite Index added 0.1%, while the onshore-traded yuan rose 0.2% against the U.S. dollar to 6.4813.

Singapore-headquartered CW Group Holdings jumped 26.4% in Hong Kong after saying it will acquire German machine-tools engineering company Brownstone Ventures for 115 million euros ($137.9 million) to broaden its customer base and supply channels.

Beijing Capital International Airport fell 3.1% to HK$11.82, after New World Development-controlled NWS Holdings said it will sell 208 million shares in the airport operator at HK$11.35 apiece. Beijing Capital was among the most actively traded stocks in the city in Friday's morning session. Shares of NWS added 0.1%, while New World Development was up 0.5%.

Chinese property developer CIFI Holdings Group added 1.2% after saying it plans to buy a 50% stake in Qingdao Yinshengtai Property, a Shandong Province-based developer, for a total of 1.52 billion yuan ($233.6 million). CIFI's total investment includes 500 million yuan, which will be injected into the target company.

China ZhengTong Auto Services Holdings tumbled 5.3% to HK$8.29 after saying it plans to raise up to 1.74 billion Hong Kong dollars ($222.4 million) from a placement of 226 million new shares at HK$7.70 apiece.

Kingdee International Software Group Company rose 2% after saying it entered a strategic agreement with Huawei Technologies to cooperate in public cloud areas, big data and artificial intelligence technology.

The Hong Kong-listed depositary receipts of Japan's Fast Retailing, which owns the Uniqlo-branded clothing stores, surged 6.6% after the company reported a 14.9% increase in net profit for the three months ended Nov. 30 on 16.7% growth in revenue.

Eminence Enterprise fell 7% after saying its unit plans to buy two properties located at Gloucester Road in Hong Kong for HK$295 million from Brilliant Circle Holdings International. Brilliant Circle shares had added 2.8% by noon.

-- Amy Lam

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