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Hong Kong: Shares firm, avoid following mainland markets down
[HONG KONG] Hong Kong shares were firm on Monday, despite a second consecutive tumble in mainland stocks, as strength in many Asian markets and higher oil prices bolstered investor appetites.
The Hang Seng index rose 0.2 per cent, to 20,156.81, while the China Enterprises Index lost 0.3 per cent, to 8,450.72 points.
While Hong Kong shares held steady, China stocks fell more than 2 per cent to eight-month lows, as investors saw hopes for a solid economic recovery fade after the release of April trade data.
The energy sector in Hong Kong rose in the morning session as crude oil prices soared on supply woes stemming from wildfires in Canada, but gave up gains and ended the session slightly down.