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Hong Kong shares edge up

Tuesday, August 05 09:15:13

Hong Kong shares finished slightly higher on Tuesday, as strong gains from index heavyweights HSBC and Tencent outweighed weakness at Chinese banks and energy firms, which were under pressure in a retracement of recent jumps.

The Hang Seng Index rose 0.2 percent at 24,648.26 points. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong was down 0.7 percent.

Tencent climbed 3.3 percent to a record high.

HSBC Holdings advanced 1.8 percent, its biggest one-day gain since September 2013, in spite of reporting a 12 percent drop in first-half profit on Monday.

Nomura said in a note on Tuesday the earnings downgrade cycle should stop for Europe's largest bank, citing a better second half revenue outlook due to Asia's improving macroeconomic situation and expectations of higher rates in Britain and United States.

China Petroleum & Chemical Corp was the top drag on the H-share index with a drop of 1.6 percent, sliding further from its 6-1/2-year high last Thursday. (Reuters)

For more visit: www.businessworld.ie