Hong Kong's main stock index ends flat
AP - 1 hour 34 minutes ago
HONG KONG - Hong Kong stocks ended flat Monday in razor-thin trade as gains in mainland China's market helped offset Wall Street's dour performance and news Japan had slipped into recession.
The blue-chip Hang Seng Index lost 13.13 points, or 0.1 percent, to close at 13,529.53.
Many investors are waiting for new cues to give the market direction, analysts said.
"People are staying on the sidelines," said Linus Yip, a strategist at First Shanghai Securities. "There's no direction so money isn't coming into the market."
Monday's volume was among the year's lowest, he said.
Airlines rose as crude oil prices fell below $56 a barrel in Asian trade with Cathay Pacific gaining 0.9 percent to 8.08 Hong Kong dollars. China Southern soared almost 12 percent to HK$1.22, boosted by state media reports that the Chinese government will inject capital into the carrier.
Among local developers, Cheung Kong added 3.3 percent to HK$67.6. Sun Hung Kai Properties Ltd., Hong Kong's biggest developer by market value, lost 0.7 percent to HK$58.4.
Hong Kong's interbank lending rate, known as Hibor, for three-month loans was down slightly at 2.15 percent.
On the Net:
Stock Exchange of Hong Kong: http://www.hkex.com.hk
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