Hong Kong shares close flat, property weak as Fed cues awaited
Hong Kong shares ended little changed on Tuesday, with investors selling recent outperformers and turnover low as global markets braced for this week’s US Federal Reserve policymaking meeting.
The Hang Seng Index closed flat at 21,225.88 points, while the China Enterprises Index of the top Chinese listings in Hong Kong slipped 0.1 per cent.
The CSI300 of the leading Shanghai and Shenzhen A-share listings closed up 0.6 percent at 2,418.8 points. The Shanghai Composite Index ended up 0.1 percent.
Most Chinese property developers listed in Hong Kong surrendered Monday’s share price gains after official data showed home prices in the mainland rose at the fastest pace this year in May, though the pace of monthly gains slowed.
China state investor Central Huijin’s move to increase its A-share stakes in the country’s “Big Four” banks failed to ignite markets in the mainland and Hong Kong. Their H-share listings were all down on the day.
The Macau casino sector was a standout outperformer as investors cheered positive preliminary gaming revenue data. Galaxy Entertainment spiked 5.4 per cent to a record high, while MGM China surged 7 per cent.