HONG KONG: Hong Kong shares ended at a five-week low on Thursday, May 5 as persistent weakness in energy counters offset gains by some financials, while index futures signalled further downside before the end of the month.
The Hang Seng Index fell 0.23 percent to 23,261.61, closing below a chart support level. The China Enterprises Index fell 0.46 percent.
On the mainland, the Shanghai Composite Index managed to eke out a gain, closing up 0.22 percent as banks and steel plays rose after the benchmark's 2.3 percent rout on Thursday. Lacklustre volume continued to suggest that most investors remained on the sidelines.
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HIGHLIGHTS:
* PetroChina Co Ltd , down 2.6 percent, and CNOOC Ltd , down 2 percent, led the sector lower for a seventh session as reports that China may introduce an oil and gas resources tax added to fallout from weaker commodities prices. The energy sub-index has lost 9 percent in the past month.
* Tencent Holdings Ltd recovered some of Thursday's loss, rising 0.6 percent, partly on short-covering after Chinese social networking company Renren Inc surged 29 percent on its New York trading debut. Bearish bets on Tencent have built up, with 21 percent of total turnover over the past two days sold short, exchange data showed. [ID:nN04185096]
* It was another strong session for China Resources Power Holdings Co Ltd , which rose 1.03 percent on heavy volume lifting it well into technically overbought territory. It is up 10 percent this week as investors piled in on expectations that acute power shortages in China would result in tariff increases. - Reuters
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THE DAY AHEAD:
Market players will focus on U.S. payrolls data scheduled for Friday, which is expected to show job growth eased in April and add to weak economic data coming out of the U.S.
Japanese markets are set to reopen on Friday after the Golden Week holiday and could come under pressure on a stronger yen and play catch-up to weaker global markets.
The Hang Seng Index fell 0.23 percent to 23,261.61, closing below a chart support level. The China Enterprises Index fell 0.46 percent.
On the mainland, the Shanghai Composite Index managed to eke out a gain, closing up 0.22 percent as banks and steel plays rose after the benchmark's 2.3 percent rout on Thursday. Lacklustre volume continued to suggest that most investors remained on the sidelines.
''
HIGHLIGHTS:
* PetroChina Co Ltd , down 2.6 percent, and CNOOC Ltd , down 2 percent, led the sector lower for a seventh session as reports that China may introduce an oil and gas resources tax added to fallout from weaker commodities prices. The energy sub-index has lost 9 percent in the past month.
* Tencent Holdings Ltd recovered some of Thursday's loss, rising 0.6 percent, partly on short-covering after Chinese social networking company Renren Inc surged 29 percent on its New York trading debut. Bearish bets on Tencent have built up, with 21 percent of total turnover over the past two days sold short, exchange data showed. [ID:nN04185096]
* It was another strong session for China Resources Power Holdings Co Ltd , which rose 1.03 percent on heavy volume lifting it well into technically overbought territory. It is up 10 percent this week as investors piled in on expectations that acute power shortages in China would result in tariff increases. - Reuters
''
THE DAY AHEAD:
Market players will focus on U.S. payrolls data scheduled for Friday, which is expected to show job growth eased in April and add to weak economic data coming out of the U.S.
Japanese markets are set to reopen on Friday after the Golden Week holiday and could come under pressure on a stronger yen and play catch-up to weaker global markets.
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