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Hong Kong stocks end flat in week of MSCI's nod to China inclusion
June 23, 2017 / 8:28 AM / 3 months ago

Hong Kong stocks end flat in week of MSCI's nod to China inclusion

SHANGHAI, June 23 (Reuters) - Hong Kong shares were little changed on Friday, and roughly flat for the week, amid concerns that MSCI’s decision this week to include China-listed shares to its emerging market benchmark could weaken the city’s role as a gateway to investing in China.

The Hang Seng index was unchanged at 25,670.05, while the China Enterprises Index gained 0.3 percent, to 10,430.04 points.

Gains in utility and industrial shares were offset by a sharp loss in the service sector.

Fosun International and Fosun Pharmaceutical rose sharply, after the companies said operation was normal, in response to media reports about a probe into loans to their parent company.

In the previous session, their shares dropped on news the banking regulator had ordered checks on offshore loans to several acquisitive Chinese firms, including Fosun, Wanda, HNA Group and Zhejiang Luosen.

Hong Kong shares in Shanghai Electric, one of the largest equipment manufacturing conglomerates in China, dropped 1.3 percent after denying media reports that Tesla had signed a joint venture agreement with it. (Reporting by the Shanghai Newsroom; Editing by Jacqueline Wong)

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