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Hong Kong stocks reverse early gains to end slightly lower

Hong Kong stocks tracked the Chinese mainland stock market to open higher on Thursday but reversed early gains to close lower.
The benchmark Hang Seng Index opened 0.56 percent higher at 21,871.01 and once climbed to as high as 21,988.93 before reversing gains in the afternoon. Turnover totaled 84.20 billion HK dollars (10.80 billion U.S. dollars).
The Hang Seng Index futures were trading at a discount of 53 points. Analysts were mixed on the market outlook but were almost unanimous about the resistance at 22,000.
The finance sub-index and the properties category both lost ground, with the former down 0.4 percent and the latter down 1.00 percent. However, the utilities sub-index gained 0.24 percent and the commerce and industry, 0.38 percent.
Market heavyweight HSBC gained 0.65 HK dollars, or 0.75 percent, to close at 90.85 HK dollars. HSBC local unit Hang Seng Bank closed up 0.44 percent.
The mainland banking giants suffered from selling pressure in the afternoon, with ICBC down 1.52 percent, China Construction Bank down 0.97 percent and Bank of China down 1.00 percent. Insurance stock China Life was down 0.67 percent.
Cheung Kong, the business conglomerate headed by Hong Kong’s richest man Li Ka-shing, closed down 0.5 HK dollars, or 0.53 percent, at 98.3 HK dollars.
Sun Hung Kai Properties, the leading residential housing developer in Hong Kong, finished the day down 1.24 percent at 111.6 HK dollars.
China Mobile, the leading mobile carrier on the Chinese mainland and a market heavyweight, surged 2.65 percent to 79.4 HK dollars on market news that authorities would make efforts to promote the integration of information service networks.
Cathay Pacific Airways surged 3.16 percent to close at 14.38 HK dollars, benefiting from the surge in December passenger and cargo traffic reported earlier. (7.8 HK dollars = 1 U.S. dollar)