Hong Kong shares post second straight weekly loss, PetroChina sinks

HONG KONG, March 22 Fri Mar 22, 2013 4:11am EDT

Related Topics

HONG KONG, March 22 (Reuters) - Hong Kong shares slipped in weak Friday trade, closing out a second losing week with PetroChina sinking to its lowest in nearly four months after it reported a steeper-than-expected drop in 2012 net profit.

The Hang Seng Index closed down 0.5 percent at 22,115.3, while the China Enterprises Index of the top Chinese listings in Hong Kong shed 0.4 percent. On the week, they lost 1.9 and 1.1 percent, respectively.

The CSI300 of the leading Shanghai and Shenzhen A-share listings closed up 0.1 percent on the day and 3.1 percent on the week. The Shanghai Composite Index was up 0.2 percent on Friday and 2.2 percent this week.

HIGHLIGHTS:

* PetroChina sank 1.4 percent after it reported a steeper-than-expected 13.3 percent drop in 2012 net profit on Thursday, due in part to ballooning losses at its natural gas import business. CNOOC slipped 0.8 percent, while China Petroleum and Chemical Corp (Sinopec) crawled up 0.2 percent. Both are expected to post their earnings by the weekend.

* China Unicom jumped 3.7 percent in its best day since August after the country's second-largest mobile carrier posted a slightly better-than-expected 68 percent rise in 2012 net profit from a year earlier.

* Techtronics jumped 4.1 percent to its highest close since January 2006 after posting a record high net profit in 2012.

NEXT WEEK:

* According to Thomson Reuters StarMine, 43 percent of Hong Kong-listed companies have reported earnings, and almost half of those missed expectations. A slew of companies are due to post their earnings after the market close on Friday, with the remainder expected next week, including the "Big Four" Chinese banks.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.