February 7, 2017 / 8:17 AM / a year ago

HK stocks flat as mainland demand offset by weakness overseas

Feb 7 (Reuters) - Hong Kong stocks were little changed on Tuesday, with buying interest from the mainland countered by weakness in global markets.

The benchmark Hang Seng index dropped 0.1 percent, to 23,331.57 points, while the Hong Kong China Enterprises Index gained 0.1 percent, to 9,846.06 points.

The downside pressure was limited by rising capital inflows through the Shanghai-Hong Kong Stock Connect scheme. Chinese investors used over 20 percent of the daily quota on Tuesday, compared with an average of nearly 11 percent in January.

Linus Yip, strategist at First Shanghai Securities Ltd, said “we still need to have a close watch on that for a while, to see if the trend is sustainable”.

The energy sector was among the biggest decliners, down 0.7 percent at the close, as oil prices remained under pressure after losing nearly 2 percent on Monday.

But resource stocks added 0.6 percent, helped by a firm commodity market. (Reporting by Jackie Cai and John Ruwitch; Editing by Shri Navaratnam)

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