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Hong Kong stocks ended flat on Friday, with banking heavyweights down, but property stocks were firm after news of government measures to support the real estate sector.
Financial stocks fell after China’s major state-owned lenders reported lacklustre annual results this week that point to slower profit growth and rising bad loans in a slowing economy.
Bank of Communications Co Ltd had said on Thursday that its bad loan ratio rose to 1.25 per cent, the highest level since 2010.
But property stocks jumped after state media reported Beijing had issued notices urging local governments to support residents needing to improve their housing conditions, and reduce or even suspend land supply in cities where there was a surplus of housing.
The Hang Seng index dipped 0.04 per cent to 24,486.20, while the China Enterprises Index lost 0.2 per cent to 11,898.09.
Among the most actively traded stocks on Hong Kong’s main board were Dinghe Mining, up 0.4 per cent at HK$0.23, China Mining, up 0.7 per cent at HK$0.16, and ICBC, down 1.3 per cent at HK$5.50.
Total trading volume of companies included in the HSI index was 1.7 billion shares.
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