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Hong Kong stocks flat by midday as oil shares rise, financials drop

HONG KONG (NewsRise) -- Hong Kong shares struggled for direction in the morning trading session as gains by energy producers were countered by declines in financial companies amid lingering concerns about the yuan's outlook.

The Hang Seng Index was little changed at 21,568.05 at the midday break as trading resumed after a holiday-extended weekend. PetroChina and CNOOC climbed at least 1.4% after U.S. oil prices extended a year-end rally overnight before an agreement to cut global oil production takes effect. China Construction Bank (CCB) and Industrial and Commercial Bank of China (ICBC) slipped 0.7% each.

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