Hong Kong shares end flat as broad-based losses offset tech gains

HONG KONG, July 25 (Reuters) – Hong Kong shares finished flat on Tuesday as gains in technology shares were outweighed by declines concentrated in energy and industrials stocks, which buckled under profit-taking pressure.

The benchmark Hang Seng index ended up 0.02 percent at 26,852 points. It ended up 0.5 percent at a two-year high on Monday.

The Hang Seng China Enterprises Index, that tracks the performance of China companies listed in Hong Kong, was down 0.35 percent at 10,782.74.

“The market is still good but what we see is with too much short-term setup it still may be facing some profit-taking pressure,” said Linus Yip, chief strategist at First Shanghai Securities.

Sinopec’s 1.2 percent slide was the biggest drag on the HSI and the energy sector.

The oil and gas explorer and refiner reported a 5 percent decline in its half-year crude oil production last week.

China Mobile’s 0.6 percent fall weighed on telecom shares.

Reporting by Rushil Dutta; Editing by Jacqueline Wong

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