April 6, 2016 / 8:12 AM / 2 years ago

Hong Kong share index little changed as financials curb gains

April 6 - Hong Kong stocks were little changed on Wednesday, with financial shares curbing gains on the main index as investors await fresh cues for direction.

The Hang Seng index rose 0.2 percent, to 20,206.67, while the China Enterprises Index lost 0.1 percent, to 8,668.63 points.

Most sectors rose but financial shares underperformed, losing 0.5 percent, as Chinese banks are under margin pressures from a slowing economy and rising bad debt.

Chi Lo, economist at BNP Paribas Investment Partners pointed out that some market players believe that China would see a banking crisis soon, with losses expected to amount to $3.5 trillion. But such an “Armageddon” scenario was not a fair bet on China, he wrote. (Reporting by Samuel Shen and Pete Sweeney; Editing by Jacqueline Wong)

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