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Hong Kong: Share indexes barely move ahead of Yellen speech

Tuesday, March 29, 2016 - 16:28

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[HONG KONG] Hong Kong stocks drifted aimlessly and closed flat on Tuesday, ahead of a speech by Federal Reserve Chair Janet Yellen, after trading resumed following a four-day Easter weekend.

The Hang Seng index edged lower in morning trading but ended the session up 0.1 per cent at 20,366.30 points. The Hong Kong China Enterprises Index rose 0.3 per cent.

Gains in the consumer sector helped offset losses from energy shares, which fell sharply on lower oil prices.

Shares of Chinese beer giant Tsingtao Brewery Co Ltd fell 2.2 per cent, after posting a drop in 2015 profits, the first earnings drop since 1999.

Shares of BYD Co Ltd jumped 4.9 per cent in Hong Kong, far outperforming the market, after the Chinese automaker backed by Warren Buffett said 2015 net profit rose more than six times over the previous year to a six-year high.

The company said it expects that pace of growth to continue in the first quarter.

REUTERS

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