CICC soars in HK as sentiment improves

Investment bank China International Capital Corp rose as much as 7.39 percent in its Hong Kong debut as China's decision to allow a resumption of initial public offerings boosted the outlook for its business.

The stock was up 7.39 percent at HK$11.04 ($1.47) at the close on Monday, heading for the best performance of a major Hong Kong IPO since April. The Hang Seng Index dropped 0.61 percent.

"Investors are turning positive toward Chinese brokerages," Zheng Chunming, a Shanghai-based brokerage analyst at Capital Securities Corp, said by phone. "They are happy that one of the major income sources is back."