Hong Kong stocks flat as tech retreat offsets China industrials' earnings cheer

Hong Kong shares ended flat on Monday, as a retreat in IT stocks offset gains for energy firms, after Chinese industrial firms posted upbeat annual earnings.

** The Hang Seng index was unchanged at 28,338.30, while the China Enterprises Index lost 0.2% to 10,942.94.

** Annual profits at China's industrial firms surged in the first two months of 2021, highlighting a rebound in the country's manufacturing sector and a broad revival in economic activity from the coronavirus crisis early last year.

** Leading the gains in the market, the Hang Seng energy index rose 2.9%.

** Though appetite took a hit as banks warned on losses.

** Nomura and Credit Suisse warned on Monday they were facing significant losses after a US hedge fund, named by sources as Archegos Capital, defaulted on margin calls. ** The Hang Seng IT index dropped 2.4%, with bellwether Meituan down 7.2%.

** Bilibili Inc, which is backed by Alibaba Group , tumbled as much as 6.8% in its Hong Kong stock debut on Monday, as analysts said a US regulatory crackdown on listed foreign firms hit enthusiasm for the Chinese online video site.