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Hong Kong shares end flat, property and financial sectors weak

Monday, 18 August 2014 - 1:44pm IST | Place: Shanghai | Agency: Reuters

Hong Kong shares ended flat on Monday, dampened by weakness in the property and financial sectors after China released weak home prices and foreign direct investment (FDI) data.

The Hang Seng Index finished flat at 24,955.46 points. It hit its highest closing level since Nov. 8, 2010 last Friday.

The China Enterprises Index of the leading offshore Chinese listings in Hong Kong declined 0.4 percent for the day.

Sun Hung Properties fell 0.7 and Bank of China was down near 0.5 percent.

Lenovo Group limited the market's fall after it climbed to a 14-year high on news the U.S. regulators passed a deal allowing it to take over IBM's low-end server division.

China's property prices slid for a third straight month in July, but shares in property developers -- many of which are index heavyweights -- evinced no particular reaction, rising in line with their broader indexes.

China drew $71.1 billion in foreign direct investment (FDI) in the first seven months of 2014, down 0.4 percent from a year earlier and 17 percent lower month-on-month.




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