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Hong Kong shares end up with little change; take breather after hitting 8-mth highs

Asia shares

Hong Kong shares ended little changed on Tuesday, taking a breather after hitting eight-month in highs the previous session, as falls in IT and utility stocks offset gains in energy and property plays.

The Hang Seng index fell 0.1 per cent to 22,465.61 points, while the China Enterprises Index gained 0.3 per cent to 9,301.17 points.

Markets were unfazed by data showing that China’s consumer price inflation eased to a six-month low, even as a long decline in producer prices continued to moderate, easing strains on some companies’ balance sheets, particularly in heavy industries.

IT shares fell 0.4 per cent and utility stocks 0.2 per cent, offsetting gains in energy and property plays.

Energy shares rose 0.6 per cent, while property shares advanced 0.5 per cent.

Developer China Evergrande Group rose 0.9 per cent, extending gains to the fourth straight day. The stock hit a three-month high after the company said it had bought a stake in rival Vanke and raised its stake in goods trading company Langfang Development Co Ltd to 15 per cent.

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Paul

The author Paul