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Hong Kong shares turn higher on bargain-hunting; China stocks outperform.
(From AFX Europe (Focus))
HONG KONG (XFN-ASIA) - Share prices turned higher on bargain-hunting and short-covering after an early decline but concerns over the deteriorating global economy capped gains.
China-related stocks outperformed on continued hopes of government market-support measures.
At 10.44 am, the Hang Seng index was up 90.42 points or 0.65 pct at 13,978.66, off a low of 13,659.44 and a high of 14,033.84.
Turnover was 10.13 bln hkd.
"The market reversed its early falls, helped by some bargain-hunting and short-covering. But the momentum was not very strong and the gains were capped," said Castor Pang, a strategist at Sun Hung Kai Financial.
Pang said trading could be volatile this week, which features several important US data releases, including employment, construction spending and consumer credit.
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