Around the World's Markets: Hong Kong

NEWS of government plans to sell off part of its large stock portfolio hit Hong Kong shares, which gave up early gains to close only marginally higher.

The Hang Seng ended up 8.82 points at 9,922.40, after Donald Tsang, the financial secretary, said in his budget speech that the government would cut back its substantial stock holdings. Other parts of the budget received a better reception from analysts, who were reassured by relatively upbeat economic forecasts.