Hong Kong stocks were
little changed on Wednesday, with financial shares curbing gains on the
main index as investors await fresh cues for direction.
The Hang Seng index rose 0.2 percent, to 20,206.67, while the China Enterprises Index lost 0.1 percent, to 8,668.63 points.
Most sectors rose but
financial shares underperformed, losing 0.5 percent, as Chinese banks
are under margin pressures from a slowing economy and rising bad debt.
Chi Lo, economist at
BNP Paribas Investment Partners pointed out that some market players
believe that China would see a banking crisis soon, with losses expected
to amount to $3.5 trillion. But such an "Armageddon" scenario was not a
fair bet on China, he wrote.
Source : Reuters
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