Hong Kong shares end flat as transports, HKEx drag
HONG KONG, Sept 25 |
HONG KONG, Sept 25 (Reuters) - Hong Kong shares ended little changed on Tuesday on renewed concerns over weak global growth, and after China's central bank dampened expectations of a cut in banks' reserve requirements by injecting a record amount of funds into the market.
The Hang Seng index ended the day flat while the China Enterprises index of top locally listed mainland firms was 0.2 percent lower.
On the mainland, the CSI300 of the top Shanghai and Shenzhen listings as well as the Shanghai Composite both closed down by around 0.2 percent.
* Hong Kong Exchanges & Clearing (HKEx) was the top loser among Hang Seng constituents after it said it would raise up to $500 million via convertible bonds to fund its proposed purchase of the London Metals Exchange.
HKEx, which still derives the majority of its income from trading commissions, has suffered as trading activity in Hong Kong has remained stubbornly low through the year. The stock lost 2.6 percent.
* Railway equipment stocks fell after brokerage Credit Suisse rated the sector as "underweight", saying it expects delayed orders and funding constraints to lead to more cuts in earnings forecasts. China Railway Construction fell 1.8 percent and China Communications Construction was down 2.1 percent.
* BYD Co shares fell 3.7 percent after brokerage CLSA slashed its target price on the stock to HK$10.41 and maintained its conviction "sell" rating on worsening prospects for the electric car maker. (Reporting by Vikram Subhedar; Editing by Richard Borsuk)
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