March 23 Hong Kong's benchmark stock index
struggled on Thursday as strength in Chinese real estate
developers was offset by weakness in some blue chips as
their earnings reports disappointed investors.
The benchmark Hang Seng index erased initial gains
and ended roughly flat at 24,327.70 points, while the Hong Kong
China Enterprises Index gained 0.3 percent to 10,487.45.
The Hong Kong stock market has gained more than 10 percent
so far this year, but some analysts worry that valuations are
getting stretched and may not live up to expectations as
earnings reports begin to trickle in.
Industry bellwether Tencent Holdings Ltd fell more
than 1 percent after the tech giant reported quarterly profits
of 10.53 billion yuan ($1.53 billion) on Wednesday, below the
average estimate in a Reuters poll.
Heavyweight China Mobile Ltd slid the most in six
months, down 3.5 percent, after the largest telecommunications
network operator in China reported a mere 0.2 percent rise in
profit for last year.
But shares of AAC Technologies Holding Inc jumped
about 10 percent on news that the miniature technology
components maker posted a 30 percent increase in net profit for
2016, compared with the previous year.
($1 = 6.8874 Chinese yuan renminbi)
(Reporting by Jackie Cai and John Ruwitch; Editing by Kim