Hong Kong struggles in early trade, with HSBC up

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HONG KONG (MarketWatch) -- Hong Kong shares fluctuated early Thursday as heavyweight HSBC Holdings PLC and energy producer Cnooc Ltd. found buyers in the wake of overnight gains on Wall Street and in crude-oil prices. But Chinese property developers slipped further after Beijing reportedly set new residency-related requirements for some home purchases in the capital. The Hang Seng Index rose 0.3% to 23,218.23, and the Hang Seng China Enterprises Index added 0.6% to 12,516.69 in choppy morning trading, during which both benchmarks changed direction at least once. HSBC added 1.4%, and Cnooc gained 1.8% to counter a 0.9% fall in China Overseas Land & Investment Ltd. and a 1.7% decline in China Resources Land Ltd. Shares of Lenovo Group Ltd. also climbed 0.8% ahead of the personal-computer maker's results later in the day, with the stock aided by upbeat results from U.S. rival Dell Inc. . China's Shanghai Composite , meanwhile, was also struggling to hang on to early gains, and was 0.1% higher at 2,927.80.

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