Some of the Chinese banks strengthening post-earnings, China Construction Bank is rising by 1.1% higher, while the nation’s largest bank — Industrial and Commercial Bank of China — is up 0.6% after 6.5% gain last week .
However, Bank of Communications is losing 1.2%, as its net income for the fourth quarter of last year fell short of market estimates.
Elsewhere among the Chinese financials, Bank of China is adding 0.6%, and Bank of Chongqing Co., a city-based commercial lender, is also tacking on 1%.
Meanwhile, Intime Retail, a Chinese department-store operator, is swinging wildly, down 5.9% after surging by more than 17% in early moves. The company said that e-commerce giant Alibaba would invest 5.37 billion Hong Kong dollars ($698 million) in it for a stake as large as 26%, and that it would establish a joint venture with it to develop “O2O” (online-to-offline) business.
On the Chinese mainland, the Shanghai Composite Index is trading lower by 0.2% at 2,037.