Hang Seng Turn To Negative At Monday Morning

Hong Kong stocks turned lower in late Monday morning trading, as weakness in some banking shares weighed on the market. The Hang Seng Index (HSI) at 22,991, -167.85, -0.72%) reversed from early gains to trade down 0.3% at 23,086.7, while the Hang Seng China Enterprises Index was also down 0.3% at 12,932.5.

Hang Seng (HSI) turn to negative at monday morning (03/28). The new Stock Exchange, Hong Kong, China. photo by B.Henry

China Construction Bank Corp extended losses to trade down 2.7% after posting earnings in line with expectations, as concerns about tighter liquidity in mainland China dragged on sentiment. Similarly, Industrial & Commercial Bank of China Ltd. lost 1.1% ahead of its own earnings announcement later this week, and China Merchants Bank Co. fell 2.5%, though Bank of Communications Co. managed to gain 0.4%. Sinopec, officially called China Petroleum & Chemical Corp. fell 1.3% after its 14% increase in 2010 profit fell short of expectations. Mainland shares rose despite the weakness in Hong Kong, with the Shanghai Composite up 0.8% at 3,001.48.(MW/HQM)


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