China stocks mixed as banks drag, Hong Kong market slips

miércoles 29 de abril de 2015 00:58 GYT

* CSI300: +0.4 pct; SSEC: -0.4 pct; HSI: -0.5 pct

* Banking shares weighed down by lacklustre Q1 results

* Resource shares surge on tax reforms

By Samuel Shen and Kazunori Takada

SHANGHAI, April 29 (Reuters) - Chinese stocks were a mixed bag on Wednesday morning as banking shares were depressed by lacklustre first-quarter earnings while resource companies surged on new tax reforms.

China's banking sub-index fell 0.9 percent, following weak bank results showing more evidence of a cooling economy and foreshowing earnings announcements by other major lenders later on Wednesday.

Bank of Communications Co , the fifth-biggest lender, reported a sharp fall in first-quarter net interest margin late on Tuesday, while Agricultural Bank of China Ltd (AgBank) , the third-largest, posted its slowest quarterly profit growth in six years.

Liu Yang, fund manager at Bosera Asset Management Co, said he expects non-banking financial institutions such as brokerages and insurers to outperform the broader market and fuel further rises in the stock indexes.   Continuación...