Hong Kong stocks trade flat ahead of Sunday's Greek austerity vote
In contrast to big intraday swings on mainland markets this week, city's key index ends down 2.2pc as investors shift to banks and oil majors
Hong Kong stocks were virtually flat on Friday as caution prevailed ahead of Greece's much-anticipated referendum on Sunday.
The Hang Seng Index edged down 0.83 per cent, or 218 points, to 26,064 at close. In contrast to big intraday swings in mainland markets in the past week, the city's key gauge finished the week down 2.2 per cent from the previous week, as investors moved from high-valued property stocks in favour of large-cap banks and oil majors.
The Shanghai market dropped 12 per cent and Shenzhen lost 15 per cent this week as mainland stocks entered the third week of correction.
Property stocks in Hong Kong finished mostly lower. State-owned China Resources Land dropped the most, losing 4 per cent to HK$23.85, while another state-owned developer, China Overseas Land, fell 2.4 per cent to HK$27.
Shares in the country's big-three oil majors, including PetroChina, Sinopec, and CNOOC rallied up between 0.5 and 0.7 per cent as investors looked for safe-haven stocks to escape the uncertainties in the global markets.
Shares in Industrial and Commercial Bank of China rose 1 per cent to HK$6.21.
The H-share index, which tracks large mainland companies listed in Hong Kong, dropped 1.37 per cent, or 175.67 points, to finish at 12,608.98, dragged down by electric carmaker BYD, brokerage Haitong Securities and insurer New China Life. Each of them shed more than 5 per cent.
