HSBC's HK shares reverse losses after up to $2.5 bln buy-back announcement
HONG KONG Aug 3 (Reuters) - HSBC shares rose in Hong Kong on Wednesday afternoon, reversing morning losses, after Europe's biggest bank announced an up-to-$2.5 billion share buy-back plan for the second half of this year.
The bank's Hong Kong stock was trading up 0.6 percent at HKD51.10 at 0506 GMT. The shares had been down 1.7 percent before the bank reported a widely anticiparted steep drop in its core first-half profit.
The bank announced the share buy-back plan following the $5.2 billion disposal of its Brazil unit last month, it said in its statement. (Reporting by Sumeet Chatterjee and Elzio Barreto; Editing by Kenneth Maxwell)
© Thomson Reuters 2016 All rights reserved.