Hong Kong stocks rebounded on Friday, after gains by renewable energy companies as well as China Petroleum and Chemical, the latter spurred by better than expected earnings, outweighed a loss by index heavyweight Ping An Insurance Group. In Hong Kong, the benchmark Hang Seng Index added 0.91 per cent, or 272.00 points, to 30,280.67, and the Hang Seng China Enterprises Index, also known as the H-share gauge, rose by 0.98 per cent, or 117.20 points, to 12,066.58. “Money is being diverted into the renewables and telecom sectors, as the HSI is consolidating around the 30,000 level. But the heavyweights still face selling pressures due to the ongoing worries about the US-China trade war,” said Stanley Chan, director of research at Emperor Securities. Huaneng Renewables jumped by 5.7 per cent to HK$3.34, China Longyuan Power Group climbed 5.6 per cent to HK$7.35 and China Datang Corporation Renewable Power surged by 11.03 per cent to HK$1.61. Xinjiang Goldwind Science and Technology rose by 3.31 per cent to HK$13.74. China Mobile advanced by 3.54 per cent to HK$74.65, China Unicom (Hong Kong) gained 2.63 per cent to HK$10.92, while China Telecom Corporation was 2.74 per cent higher at HK$3.75. Technology stocks also rebounded in Hong Kong, after industry bellwethers from Amazon.com to Intel forecast second-quarter earnings that are expected to beat estimates. Apple supplier Sunny Optical Technology Group advanced by 3.38 per cent to HK$125.50, snapping a two-day, 10 per cent decline, and Tencent Holdings rose by 1.62 per cent to HK$388.40. The earnings outlook for Hong Kong-listed companies remains bright. Among the companies that have already announced first-quarter results, net income rose by an average of 16 per cent, close to the 17.7 per cent full-year growth recorded in 2017, according to Bloomberg. China Petroleum and Chemical, also known as Sinopec, rallied by 4.48 per cent to HK$7.69 after first-quarter earnings topped analysts’ estimates by 6 per cent based on Bloomberg data. CNOOC gained 2.5 per cent to HK$13.16 and PetroChina added 1.8 per cent to HK$5.72. Ping An Insurance, however, tumbled as its profit missed projections. Ping An’s shares in Hong Kong slid by 2.23 per cent to HK$76.80 and its mainland-listed shares tumbled by 3.53 per cent to 60.89 yuan in Shanghai. Profit for the first three months trailed estimates by 3.6 per cent, Bloomberg data showed. Dairy producer Inner Mongolia Yili Industrial Group fell by its daily limit of 10 per cent to 26.28 in Shanghai. That dragged down China Mengniu Dairy, which slumped by 6.37 per cent to HK$26.45 in Hong Kong. “All eyes are on corporate results now, as it’s the earnings season,” said Wei Wei, a trader at Huaxi Securities in Shanghai. “The market is now trying to digest the implications of the latest results before choosing where it will head.” The Hong Kong market will be closed on Tuesday, while mainland bourses will be shut for two days and will reopen on Wednesday. On the mainland, the Shanghai Composite Index rose modestly by 0.23 per cent, or 7.20 points, to 3,082.23, paring this month’s losses to 2.78 per cent. The CSI 300 Index of large-cap companies gained 1.39 per cent, while the ChiNext gauge of smaller companies increased by 1.37 per cent. However, worries over the US investigation into Chinese technology company Huawei Technologies and chip maker ZTE Corporation are still weighing on market sentiment. Kweichow Moutai lost 2.32 per cent to 662.53 yuan as traders awaited the liquor giant’s earnings. Its net income probably rose by 40 per cent from a year ago to 8.6 billion yuan (US$1.4 billion) for the first quarter, according to Bloomberg data. Gree Electric Appliances slid by 3.29 per cent to 44.08 yuan, adding to a 9 per cent slump on Thursday. China’s biggest maker of air conditioners said it plans to make an interim dividend payout after being questioned by the Shenzhen exchange on why it had initially decided not to, despite a surge in profit.