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Hong Kong's Hang Seng index ends up as Tencent beats the street
May 14, 2015 / 8:17 AM / 3 years ago

Hong Kong's Hang Seng index ends up as Tencent beats the street

HONG KONG, May 14 (Reuters) - Hong Kong’s benchmark share index ended slightly higher on Thursday after Tencent Holdings Ltd, China’s biggest social network and online entertainment firm, posted higher-than-expected first-quarter revenues and earnings.

But gains were capped by selling in energy shares, and as weaker-than-expected U.S. retail sales data raised concerns about the health of the U.S. economic recovery.

The Hang Seng index rose 0.1 percent to 27,286.55 points, while the China Enterprises Index lost 0.6 percent to 13,775.95 points.

Tencent jumped over 3 percent, supporting the Hang Seng index. Chinese energy firms led losses, with CNOOC down over 2 percent.

U.S. retail sales were flat in April as households cut back on purchases of automobiles and other big-ticket items, the latest sign the economy was struggling to rebound strongly after barely growing in the first quarter.

Separately, China’s two largest developers in the residential and commercial property sectors, China Vanke and Dalian Wanda, outperformed the market after they formed a partnership to jointly acquire land and develop real estate projects.

Vanke rose 1.6 percent, while Dalian Wanda’s Hong Kong listed parent gained 1.8 percent.

Total trading volume of companies included in the HSI index was 1.6 billion shares.

Reporting by Shanghai Newsroom; Editing by Kim Coghill

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