HSI Ends Flat As Asian Markets Go Sluggish

Hong Kong shares were flat at the close on Tuesday, with investors hesitant ahead of key corporate results expected later this week.

The Hang Seng index closed at 29,963.

On the mainland, the Shanghai Composite Index lost 0.5 percent, to close at 3,198 while the Shenzhen Composite Index ended 1.3 percent lower, to 1,728.

Other Asian markets were mixed as investors move cautiously ahead of a deluge of corporate results later in the week.

With all markets now open again after an extended Easter break, many fluctuated in morning trade but rallied by the afternoon.

Tokyo stocks ended marginally up for a third straight session, with profit-taking before 10 days of holidays in Japan weighing on the market.

Seoul, Sydney and Mumbai gained while Singapore were down.

Separately, Sri Lankan stocks plunged by 2.6 percent – their biggest drop in four years – as the Colombo Stock Exchange reopened for trading after terror attacks on Easter Sunday killed more than 300 people.

Oil prices continued their rally on Tuesday, jumping to near six-month highs after the US cracked down on Iranian oil exports.

"This points to a big drop in the supply side, which boosts the commodity's price. Iran's daily oil output amounts to 1.3 million barrels, according to latest figures in end March," said Margaret Yang Yan, market analyst at CMC Markets Singapore.

But she said that "the sustainability of oil's rally depends on Saudi and other Opec members' actions to increase oil supply in the month to come". (AFP)