Hong Kong shares end little changed, take breather after hitting 8-mth highs (Review)

Hong Kong shares ended little changed on Tuesday, taking a breather after hitting eight-month in highs the previous session, as falls in IT and utility stocks offset gains in energy and property plays.

The Hang Seng index fell 0.1 percent to 22,465.61 points, while the China Enterprises Index gained 0.3 percent to 9,301.17 points.

Markets were unfazed by data showing that China’s consumer price inflation eased to a six-month low, even as a long decline in producer prices continued to moderate, easing strains on some companies’ balance sheets, particularly in heavy industries.

IT shares fell 0.4 percent and utility stocks 0.2 percent, offsetting gains in energy and property plays.

Energy shares rose 0.6 percent, while property shares advanced 0.5 percent.

Developer China Evergrande Group rose 0.9 percent, extending gains to the fourth straight day. The stock hit a three-month high after the company said it had bought a stake in rival Vanke and raised its stake in goods trading company Langfang Development Co Ltd to 15 percent.

Source: reuters

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U.S. Stocks Rise as Crude Rebound Spurs Rally in Energy Shares

U.S. stocks advanced, with the S&P 500 Index halting a two-day decline, as crude oil’s biggest gain in three weeks spurred a rally in energy producers while corporate earnings helped boost financial companies.

The S&P 500 rose 0.3 percent to 2,163.53 at 4 p.m. in New York, rebounding after its steepest decline in almost a month yesterday. The gauge traded in the narrowest range in two weeks. A Goldman Sachs Group Inc. basket of most shorted shares saw the biggest gain in five weeks, rising to a nine-month high.

At 18.3 times this year’s projected earnings, the S&P 500 is still trading near its highest multiple in more than a decade. Some stronger-than-estimated financial results and speculation that central banks will maintain loose monetary policies have helped underpin equities near record levels.

Source : Bloomberg

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