Hong Kong stocks snap 5-day winning streak as energy firms hit by oil drop [Reuters]
China Southern Airlines Company Limited (ZNH)
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Source: Reuters
May 26 Hong Kong stocks broke a five-day winningstreak on Friday, as gains in air carriers were offset byweakness in energy shares following a tumble in oil prices. Chinese investors failed to lend support to the marketduring the session because two cross-border connect schemes -the source of steady liquidity support from the mainland - havebeen suspended due to the Dragon Boat Festival holiday, whichstarts on Sunday. The Hang Seng index was unchanged at 25,639.27, whilethe China Enterprises Index gained 0.1 percent, to10,579.67 points. For the week, both Hang Seng and HSCE gained 1.8 percent. Hong Kong-listed airline stocks rose sharply on expectationsthat a slide in oil prices would reduce carriers' fuel cost.Crude oil skidded 5 percent after OPEC and alliedproducers announced extended output cuts that disappointedinvestors. Both Air China and China Southern Airlinesjumped over 3 percent, while China Eastern Airlinesrose about 1 percent. But optimism
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