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Hong Kong shares rise on coal miners; metals drop
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By V. Phani Kumar

HONG KONG (MarketWatch) -- Hong Kong shares rose in early trading Tuesday from the previous day's losses and after U.S. stocks pared sharp early losses overnight, with coal miners and mainland Chinese banks leading the rebound. Metals producers underperformed after Aluminum Corp. of China Ltd., or Chalco, and Angang Steel Co. issued profit warnings. The Hang Seng Index HK:HSI +0.90% added 0.8% to 20,326.58 and the Hang Seng China Enterprises Index gained 1% to 11,251.44. Shares of China Coal Energy Co. CCOZY +1.16% HK:1898 +3.33% added 2.9% and China Shenhua Energy Co. CSUAY -2.20% HK:1088 +1.94% climbed 2.1%, with the latter rising after reporting a 25% increase in 2011 coal output. Among banks, China Construction Bank Corp. CICHY -1.87% HK:939 +0.99% added 1.3%. But metals stocks declined, with Chalco HK:2600 -5.85% ACH +0.19% dropping 6.1%, Angang sliding 9% and Maanshan Iron & Steel Co. HK:323 -6.90% MAANF -1.35% tumbling 6.9% after each issued a profit warning. China's Shanghai Composite CN:000001 +0.42% rose 0.5% to 2,295.89.