HONG KONG – Hong Kong stocks rose in early trading Friday, with the Hang Seng Index up 0.4% at 21,505.21. Chinese developers were mixed, as a state-run newspaper reported sluggish property-market activity in China’s largest cities during the Lunar New Year holiday amid worries that the government may further tighten controls to cool real estate prices. Beijing North Star Co. Ltd. dropped 0.6%, China Overseas Land & Investment Ltd. lost 0.5%, and China Resources Land Ltd. fell 0.9%. Two of China’s largest residential developers — Vanke Property Overseas Ltd. and Poly Property Group Co. Ltd. advanced, with Poly Property up 1.9% and Vanke adding 1.1%. Mobile carriers rose, as China Telecom Corp. Ltd gained 0.3% after being raised to outperform by Credit Suisse. China Unicom (Hong Kong) Ltd climbed 2.2%, and China Mobile Ltd. tacked on 0.7%. On the mainland, the Shanghai Composite Index declined 0.8% on the first day of trading after a seven-day break for the Lunar New Year. During the holiday, China released its official manufacturing Purchasing Managers’ Index for January, which slipped to a six-month low.
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Hong Kong Stocks Trade Higher, But Shanghai Weak
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