Hong Kong shares rise on bargain buys, China Coal

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Hong Kong shares rise on bargain buys, China Coal
HONG KONG (MarketWatch) -- Hong Kong shares climbed early Wednesday as heavyweights HSBC Holdings PLC and Chinese lenders advanced despite weak overseas cues on more bargain-buying and as China Coal Energy Co. jumped after better-than-expected results. The Hang Seng Index climbed 0.8% to 20,l378.82 and the Hang Seng China Enterprises Index added 1% to 11,060.97. Several stocks found buyers after being battered earlier this month, with heavyweights HSBC and China Mobile Ltd. adding 2.1% and 1.1%, respectively, to lead from the front. Among other beaten-down stocks, BOC Hong Kong Holdings Ltd. added 2.6% and Esprit Holdings Ltd. climbed 4.4%. China Coal soared 7.4% after a 12% increase in its first-half profit beat expectations, earning the stock an upgrade to buy from Citigroup. China's Shanghai Composite climbed 0.2% to 2,613.19, offsetting early losses.