Hong Kong shares end flat

Hong Kong shares stalled on Thursday as investors sold down lender HSBC after a seven-session rally, while the other heavyweight China Mobile dropped on slower-than-expected growth in quarterly earnings. Chinas top juice maker, Huiyuan Juice, plummeted 42.2 percent as it resumed trading after Beijing rejected a $2.4 billion take-over bid by Coca-Cola.
The stock, which had fallen to an early low of HK$3.88, clawed its way up to HK$4.80, back to levels seen before Coke made its HK$12.2 per share buyout bid in September 2008. The Chinese Ministry of Commerce, which said the acquisition would have been bad for competition, scuttled the deal.
The benchmark Hang Seng Index was up 0.1 percent, or 13.75 points, at 13,130.92 supported by a 7 percent jump in Europe-focused fashion brand Esprit Holdings tracking a stronger euro. Heavyweight China Mobile fell 2.1 percent to HK$66.70 after the worlds largest wireless carrier reported an 11 percent rise in its fourth quarter earnings.
Turnover rose to HK$48.6 billion from Wednesdays dismal HK$37.5 billion. The China Enterprises Index of top mainland firms outperformed to rise 1.3 percent to 7,731.43. Jiangxi Copper vaulted 7.6 percent to HK$7.68 after Shanghai copper rose to its highest level in more than four months on Thursday while London prices climbed 2 percent, boosted by the Federal Reserves latest plan to revive the recession-hit economy.
Investors held out hope that the Feds plan to buy long-term Treasury bonds to fight the recession will boost demand for the industrial metal. Gold miner Zijin Mining leapt 9.3 percent as the precious metal recovered from a six-week low on Wednesday.
Shares in HSBC snapped a seven-day rally to drop nearly 2.8 percent to HK$41.50, following a 5 percent slide in its London-listed shares on Wednesday, as investors sold down the stock before its rights shares begin trading. HSBC rights shares will begin trading in London on Friday and in Hong Kong on Monday.
Over the past seven sessions, the stock had recouped 40 percent from its 14-year low hit on March 9. Bank of Communications, which had rallied 15 percent in the four sessions ahead of its earnings on Wednesday, gave up 1.5 percent at HK$5.17 as focus moved from its forecast-beating fourth quarter earnings to its tough outlook for the current year.