Hong Kong stocks reversed early gains to end flat on Tuesday as selling pressure mounted after the market topped the 21,000 mark, with the Hang Seng Index closing down 10.83 points, or 0.05 percent, at 20,796.43.
The blue chip index opened up 389.49 points, or 1.87 percent to open at 21,196.75, topping the 21,000 mark for the first time in close to eleven months. Banking giant and market heavyweight HSBC Holdings, which reported slightly better than expected interim results after the market close Monday, surged about 8 percent in early morning trade.
The key barometer retreated soon afterwards, with the China Enterprises Index closing down 149.53 points, or 1.21 percent, at 12,218.67.
Market turnover totaled 95.85 billion HK dollars (12.29 billion U.S. dollars), compared with Monday's 77.89 billion HK dollars (9. 99 billion U.S. dollars).
Analysts said the market was finding strong resistance at around 21,000 at present, although signs of economic recovery were encouraging.
HSBC finished the day up 5.4 HK dollars, or 6.95 percent, to close at 83.1 HK dollars, alone boosting the blue chip Hang Seng Index by 218 points.
Only ten of the 42 HSI constituents turned out gainers, and 28 turned out losers, while the other 4 remained unchanged at the market close.
China Shenhua rose 2.31 percent to close at 33.2 HK dollars, while the mainland-based oil giants were all losers, with PetroChina down 1.39 percent, Sinopec down 0.56 percent and offshore oil producer CNOOC down 0.19 percent.
The finance sub-index turned out the only major gaining category thanks to the strength of HSBC, up 0.7 percent at 31,641. 92. The properties index suffered the most among the four major stock categories, down 1.94 percent.
Cheung Kong, the business conglomerate headed by Hong Kong's richest man Li Ka-shing, retreated by 2.65 percent to close at 97. 45 HK dollars.
SHK Properties, the leading residential housing developer in the special administrative region, edged down 0.5 percent to close at 119.4 HK dollars.
Mobile carrier China Mobile lost 1.4 percent at 81.1 HK dollars, while its smaller rival China Unicom ended down 0.04 HK dollars, or 0.36 percent, at 11.18 HK dollars.
The Chinese mainland financial shares were all losers, with the biggest commercial lender ICBC down 3.22 percent, China Construction Bank down 1.6 percent and Bank of China down 2.82 percent. (7.8 HK dollars = 1 U.S. dollar)
Source: Xinhua
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