Hong Kong stocks flat as tech retreat offsets China industrials' earnings cheer

  • 3/29/2021
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* HK->Shanghai Connect daily quota used -3%, Shanghai->HK daily quota used 0.9% * HSI +0.0%, HSCE -0.2%, CSI300 +0.2% * FTSE China A50 +0.4% March 29 (Reuters) - Hong Kong shares ended flat on Monday, as a retreat in IT stocks offset gains for energy firms, after Chinese industrial firms posted upbeat annual earnings. ** The Hang Seng index was unchanged at 28,338.30, while the China Enterprises Index lost 0.2% to 10,942.94. ** Annual profits at China’s industrial firms surged in the first two months of 2021, highlighting a rebound in the country’s manufacturing sector and a broad revival in economic activity from the coronavirus crisis early last year. ** Leading the gains in the market, the Hang Seng energy index rose 2.9%. ** Though appetite took a hit as banks warned on losses. ** Nomura and Credit Suisse warned on Monday they were facing significant losses after a U.S. hedge fund, named by sources as Archegos Capital, defaulted on margin calls. ** The Hang Seng IT index dropped 2.4%, with bellwether Meituan down 7.2%. ** Bilibili Inc, which is backed by Alibaba Group , tumbled as much as 6.8% in its Hong Kong stock debut on Monday, as analysts said a U.S. regulatory crackdown on listed foreign firms hit enthusiasm for the Chinese online video site. (Reporting by the Shanghai Newsroom; Editing by Rashmi Aich)

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