SHANGHAI: China shares were little changed by midday on Thursday as weakness in the property sector offset the positive impact after the government said it would support consumption, while Hong Kong shares eased on gloomy corporate earnings.
The Shanghai Composite Index rose 0.1 percent to 2,376.0 points by the midday break, while the CSI300 of the leading Shanghai and Shenzhen A-share listings was flat.
In Hong Kong, the Hang Seng Index edged down 0.5 percent to 23,709.8 points. The China Enterprises Index of the top Chinese listings in Hong Kong fell 1 percent.
The State Council, China's cabinet, said on Wednesday it will promote consumption in six sectors, including e-commerce, new energy, housing, tourism, education and sport.
E-commerce-related shares Beijing U1trapower Software Co jumped its 10 percent daily limit and Yunnan Nantian Electronics Information Co gained 5.9 percent.
Railways-related shares were the biggest gainers on the mainland market after China Railway Corporation said that all 64 railway projects planned for this year have been approved and will start by the end of the year.
Guangshen Railway Company surged its 10 percent limit and China Railway Group jumped 9.4 percent.
However, property and some financial shares fell, highlighting continued concerns over the economy. The property and financial sub-indices of the CSI300 index fell 0.6 percent and 0.2 percent respectively. Hang Kong shares weakened after some companies posted weaker-than-expected earnings.
"A slew of weak quarterly corporate earnings put profit-taking pressure on the market," said Alex Wong, Director of Ample Finance Group in Hong Kong.
Several major companies and banks posted weaker-than-expected results or provided pessimistic outlook. Shares of BYD Co Ltd slumped 6.5 percent, West China Cement Ltd dropped 5.1 percent, and China Citic Bank Corp Ltd declined 1.4 percent.
Chinese state-run oil giants PetroChina and CNOOC Ltd were among the main drags of benchmark index, falling 1.3 percent and 5.1 percent, respectively, after they posted weak results on Wednesday, hit by a slump in crude prices.
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