Hong Kong, China shares stay sluggish, Sinopec climbs on reform hopes

miércoles 26 de febrero de 2014 00:57 GYT
 

* HSI +0.2 pct, H-shares -0.1 pct, CSI300 flat

* Bruised Chinese property developers get some respite

* Media report lifts Sinopec, hope for state-enterprise reform

* BYD soars on Tesla surge, Beijing plan to aid electric cars

By Clement Tan

HONG KONG, Feb 26 (Reuters) - Hong Kong and China shares were sluggish early on Wednesday as the yuan again fell below the official fix, adding to jitters about possible policy changes at next week's annual parliamentary meetings.

But a media report that the meetings starting March 5 could unveil more reforms at China Petroleum and Chemical Corp (Sinopec) pushed up its stock price.

At midday, the Hang Seng Index inched up 0.2 percent to 22,358.9 points, while the China Enterprises Index of the leading offshore Chinese listings in Hong Kong slipped 0.1 percent. They have held up better this week, compared to onshore markets, down about 1 and 2 percent, respectively.

The CSI300 of the biggest Shanghai and Shenzhen A-share listings was flat, while the Shanghai Composite Index inched up 0.1 percent. They are down 4.7 and 3.6 percent this week on fears that banks have stopped extending credit to property developers and that property prices are declining.   Continuación...