Hong Kong shares stay flat after touching their highest level since 2011

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Source: Dukascopy Bank SA, Dukascopy Bank SA
Hong Kong stocks slightly eased on Tuesday as investors sat on the sidelines after the stocks reached their highest level in more than one and a half year. The Hong Kong's Hang Seng index touched its 18-month during the session but closed 0.1% lower at 23,381.5 points. All but three sectors declined in the benchmark gauge. Technology, industrials, and financials were the only three groups that edged higher by 1.33%, 0.44% and 0.10%, respectively. Financial shares were boosted by New World Development Co that rallied 1.73% to $HK 14.10, whereas the stocks of HKEX advanced 1.4% after Daiwa Research raised its target price from $HK137.7 to HK$ 159.6, and maintained its stock rating of outperform. Furthermore, Tencent Holdings Ltd gained 1.3% to $HK258.20, capping losses in the telecommunications sector that lost the most in the index by shrinking 1.48%. Alongside to that, Esprit Holdings declined 3.1% and contributed to the decrease in consumer services group that was 0.87% down, while China Unicom dragged down the telecommunications stocks by erasing 2.3%.
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