Bloomberg, (11/11) -- Hong Kong stocks swung between gains and losses as
shares of Chinese developers in the city declined. Yashili
International Holdings Ltd. jumped to a record after companies including
a unit of Singapore’s Temasek Holdings Pte agreed to buy the dairy
producer’s shares.The Hang Seng Index dropped 0.2 percent to
22,700.38 as of 9:56 a.m. in Hong Kong, erasing gains of as much as 0.3
percent. The gauge dropped 2.2 percent last week amid concern the
Federal Reserve may cut stimulus sooner than expected. The Hang Seng
China Enterprises Index lost 0.1 percent to 10,377.61.Futures on
the Standard & Poor’s 500 Index fell 0.2 percent. The gauge climbed
1.3 percent on Nov. 8 in New York as a better-than-forecast jobs report
added to signs growth is strong enough for the economy to withstand a
stimulus reduction. Tapering is to begin in March, based on a Bloomberg
survey last week, with analysts expecting monthly bond purchases to fall
to $70 billion from $85 billion.The Hang Seng Index advanced 15
percent from this year’s low on June 24 though Nov. 8 amid signs
China’s economy is stabilizing. Hong Kong’s benchmark index traded at
10.87 times estimated earnings, compared with 15.98 for the S&P 500
yesterday.
