Gainers & Losers

Financial and resource stocks led as a weaker dollar lifted metal prices. Copper for delivery in three months rose to 0.6% to $8,720 a metric ton.

Zijin Mining Group gained 11.6% to HK$8.00 after it said it was launching a Shanghai initial public offer of shares that could raise $1.4 billion.

Also Jiangxi Copper jumped 4.2% to HK$16.40, while China Shenhua jumped 6.2% to HK$35.00 on expectations that coal exports will recover.

Datang Power edged up 5.9% to HK$4.99 and China Coal Energy Corp gained 5.2% to HK$15.68 as a result.

Sinopec rose 2% at HK$7.62 in volatile trade as quarterly earnings fell below analyst forecasts. According to Citigroup, the oil refiners’ net profit at Rmb 56.5 billion was 7% below its projections.

Ping An Insurance increased 5% to HK$66.35 after news reports that the company has set up a Rmb20 billion private equity unit to invest in pre-initial public offering financing deals.

Realty stock Sung Hung Kai fell 1.35% to HK$131.40 after a report from The Standard news said that March transaction volumes dropped 50% compared to January and sales slipped between 3% and 5%.

China Mobile gained 3.7%.