Reuters logo
Hong Kong shares close flat, CNOOC sinks on earnings report
August 21, 2012 / 8:17 AM / 5 years ago

Hong Kong shares close flat, CNOOC sinks on earnings report

HONG KONG, Aug 21 (Reuters) - Hong Kong shares ended flat on Tuesday, as strength in the Chinese consumer sector outweighed a 3 percent loss for China’s leading offshore oil producer CNOOC Ltd after its first half net profit fell twice as much as the market had expected.

The Hang Seng Index closed down 0.02 percent at 20,100.1. The China Enterprises Index of the top Chinese listings in Hong Kong ended up 0.3 percent at 9,826.

In the mainland, the Shanghai Composite Index closed up 0.5 percent at 2,118.3, its biggest gain since Aug. 9. The CSI300 Index of the top Shanghai and Shenzhen listings also rose 0.5 percent.

HIGHLIGHTS:

* CNOOC suffered its worst daily showing in a month after it posted at the midday trading break first half net profit that underwhelmed expectations. It also cut its dividend by 40 percent to make room for its $15.1 billion acquisition of Canadian oil firm Nexen Inc.

* Chinese food and beverage giant Tingyi Holdings enjoyed its best day in 9-1/2 months, extending gains on a series of broker upgrades after posting on Monday first half net profit that beat expectations. The stock jumped 6 percent on Tuesday, cutting its losses on the year to 6.4 percent.

* Chinese retailers rose after a few companies in the sector posted at the midday trading break first half net profits that fell less than expected. Peak Sport gained 3.7 percent, spurring a 7 percent jump for Li Ning, while GOME Electrical Appliances surged 14 percent in relatively good volume. (Reporting by Clement Tan; Editing by Richard Borsuk)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below