Hong Kong shares end flat in weak turnover

PUBLISHED : Tuesday, 16 July, 2013, 2:19pm
UPDATED : Tuesday, 16 July, 2013, 9:03pm

Hong Kong shares ended flat on Tuesday as another record close on Wall Street was offset by profit-taking following a rally in the previous session.

Hong Kong’s benchmark Hang Seng Index edged up 9.07 points to 21,312.38 on turnover of HK$48.45 billion (US$6.25 billion).

GCL-Poly rose 6.7 per cent to HK$1.92, while Comtec Solar rallied 4.6 per cent to HK$2.04, closing near a two-year high.

Shares of gaming company NetDragon dropped 21 per cent to HK$19.04 after the company said it would sell Chinese app store operator 91 Wireless to search engine giant Baidu.

Chinese shares closed up 0.31 per cent. The benchmark Shanghai Composite Index rose 6.33 points to 2,065.72 on turnover of 82.87 billion yuan (HK$104 billion).

“We expect the market to consolidate in the near term after a slew of economic data confirmed that growth momentum remains weak,” Capital Securities analyst Jacky Zhang told Dow Jones Newswires.

Solar firms rose after the government set a larger target for expansion of China’s solar power capacity.

TDG Holding rose by its 10 per cent daily limit to 5.58 yuan and Lida Optical & Electronic also advanced 10 percent to 7.11 yuan.

AVIC Heavy Machinery jumped 7.83 percent to 15.42 yuan and Sichuan Chengfa Aero Science & Technology rose 3.86 per cent to 11.04 yuan.