Hong Kong shares close up 0.3pc, but CR Power plummets

PUBLISHED : Wednesday, 17 July, 2013, 2:22pm
UPDATED : Wednesday, 17 July, 2013, 5:11pm

Hong Kong shares eked out gains in weak Wednesday trade, as strength in Chinese coal and cement counters helped offset a 10 per cent plunge in China Resources Power.

The Hang Seng Index ended up 0.3 per cent at 21,371.9 points, while the China Enterprises Index of the leading Chinese listings climbed 0.7 per cent.

Several Hong Kong traders linked the fall in CR Power to widespread Chinese media reports citing a Chinese journalist affiliated with the official Xinhua news agency who alleged that some China Resources executives made the company incur hefty losses when it took over a coal mine in 2010, and they were suspected of corruption.