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Hong Kong shares end flat, Chinese airlines, banks rebound

Source : REUTERS
Last Updated: Mon, Apr 08, 2013 08:10 hrs

HONG KONG, April 8 (Reuters) - Hong Kong shares ended flat on Monday, as gains in the Chinese airline and banking sectors offset weakness in Chinese energy stocks in tepid turnover ahead of a slew of China economic data starting on Tuesday.

The Hang Seng Index closed flat at 21,718.1. The China Enterprises Index of the top Chinese listings in Hong Kong also ended flat.

The CSI300 of the leading Shanghai and Shenzhen A-share listings ended down 0.5 percent. The Shanghai Composite Index shed 0.6 percent to close below its 100-day moving average. Both shut at their lowest levels since Dec. 27.

HIGHLIGHTS:

* Air China's Hong Kong listing rebounded 4.5 percent after Credit Suisse lifted its view of the Asian airline sector to overweight, following a price tumble on Friday that the brokerage saw as a buying opportunity. That day, Air China suffered its worst one-day loss in nearly four years in Hong Kong, plunging almost 10 percent.

* Bird flu jitters were also cited for lacklustre secondary housing market sales in Hong Kong over the weekend, broadly hurting the share prices of local property developers. New World Development shed 1.3 percent.

* Shares of Italian fashion house Prada SpA tumbled 4 percent after its 2012 core earnings and margins disappointed despite a boost to margins through a reduced discount sales period and better distribution control.



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