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Hong Kong: Shares mixed, Chinese listings gain on reform hopes
[SHANGHAI] Hong Kong shares ended mixed in a volatile session on Tuesday, with Chinese listings in the territory gaining on optimism over planned reforms of state-owned enterprises (SOEs).
The Hang Seng Index unofficially closed down 0.3 per cent at 23,845.66 points, while the China Enterprises Index of the leading offshore Chinese listings in Hong Kong rose 0.6 per cent.
Analysts said investors were focusing attention on undervalued Chinese listings rather than specific sectors on the Hong Kong market, which could benefit as confidence rises over Beijing's policies towards future reform of state-run firms.
Chinese banks led gains with Bank of Communications rising one per cent and China Construction Bank climbing 0.4 per cent.
But HSBC Holdings PLC fell 0.5 per cent as its third quarter earnings fell short of expectations after the bank set aside US$1.8 billion for misconduct settlements and compensation for customers, including a potential fine for rigging currency markets.