Hong Kong Exchanges & Clearing Ltd. missed earnings estimates, posting the lowest profit since the global financial crisis as turnover and listings fell at the world’s largest exchange operator by market value.
Hong Kong’s Hang Seng Index capped its biggest increase for a first trading day of any year since 2009, rising to a 19-month high, as U.S. lawmakers approved a budget bill and China’s manufacturing sector expanded for a third month.
Asian stocks rose, heading for their highest close since August 2011, as the U.S. House of Representatives passed legislation averting some of $600 billion in automatic tax increases and spending cuts.
Hong Kong Exchanges & Clearing Ltd., the world’s largest exchange operator by market value, said full-year profit plunged 20 percent, the first drop in three years, as turnover and listings fell amid concerns of an economic slowdown in China and Europe’s debt crisis.
China Forestry Holdings Co., the Chinese timber company whose shares have been suspended since January last year because of accounting irregularities, said its auditor KPMG LLC resigned citing valuation concerns.