HONG KONG, March 23 (Reuters) - Hong Kong stocks closed weaker on Wednesday as earnings from large caps kept the benchmark on the defensive.
The benchmark Hang Seng Index finished down 0.14 percent at 22,825.4, while the China Enterprises Index slipped 0.24 percent.
The Shanghai Composite Index ended up 1 percent at 2,948.48 points, extending a recent streak of rises to four sessions.
HIGHLIGHTS
* China Coal Energy Co Ltd led losers, recording its biggest one-day fall since the financial crisis of 2008. The company, which reported 2010 earnings that fell well short of market estimates, plunged 9.14 percent on the day.
* Other energy stocks traded higher, with China Resources Power Holding Co Ltd up 3.6 percent and leading gainers on the day, suggesting market players are showing little tolerance for weak earnings. Analysts expect share prices to fall substantially if earnings do not meet expectations, even in sectors with favorable outlooks.
* China Life Insurance Co Ltd also took a hit, dropping 2.1 percent, after reporting a fall in fourth-quarter earnings. While China Life results were largely in line with forecasts, slower-than-expected growth in new business was a bearish sign, said analysts.
DAY AHEAD:
* Analysts said company earnings are likely to dominate trading this week and next, amid weak volumes in Hong Kong with last week's volatility in the aftermath of Japan's massive earthquake easing.
* Earnings in focus on Thursday include Bank of China Ltd and China Resources Enterprise Ltd . (Reporting by Clement Tan and Vikram Subhedar; Editing by Chris Lewis)
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