* HSI up 0.2 percent, cement stocks drag H-shares index
* CSI300, Shanghai Comp up 0.5 pct
* HSBC sheds 0.4 percent on UK tax probe report
* Tencent up 1.7 pct ahead of quarterly results
By Vikram Subhedar
HONG KONG, Nov 12 (Reuters) - Hong Kong shares rose slightly
on Monday after last week's slump, buoyed by gains in property
developers and Chinese internet giant Tencent,
although worries about the U.S. fiscal cliff kept trading
The Hang Seng index rose 0.2 percent to close at
21,430.3 points, while the China Enterprises index fell
0.1 percent largely on the back of weakness in cement stocks.
In China, the CSI300 of the top Shanghai and
Shenzhen listings and the Shanghai Composite both fell
Data released on Monday showed new loans at Chinese banks in
October came in well below expectations, putting pressure on
shares of the big banks, although total social financing - a
broader gauge of monetary conditions in the economy - rose.
Other data released in the last few days showed Chinese
exports, industrial output and retail sales all beat
expectations, further evidence that China's economy is
Hong Kong stocks shed more than 3 percent last week despite
economic data from China which pointed to a recovery as
investors locked in profits after a rally that had lifted the
Hang Seng to a 15-month high earlier this month.
"With the U.S. presidential election now out of the way, the
market is now keeping an eye on how the U.S. Congress is going
to handle the threat of a looming 'fiscal cliff'," said Angus
To, an analyst at ICBC International in Hong Kong.
Turnover in Hong Kong came in a fifth below the average seen
over the past month suggesting that investors stayed largely on
Adding to caution among investors, China's ruling Communist
Party is in the midst of its once-in-a-decade leadership
transition where leaders have stressed the need for financial
and economic reform.
"Selling pressure from profit-taking is not huge," said
Edward Huang, strategist at Haitong Securities in Hong Kong,
adding that some investors fear that reducing holdings now would
mean they miss out on another wave of rising markets.
Chinese markets rallied in the run-up to the Party Congress
but have remained weak since it began last week.
The 18th National Congress has so far signaled a
continuation of current policies and therefore done little to
surprise the market, said ICBC's To.
PROPERTY UP, CHINA BANKS RECOVER
Developers were the best performing sector in Hong Kong with
a sub-index of property shares up 0.8 percent. Local
bellwether Cheung Kong Holdings was up 1.3 percent.
Chinese internet giant Tencent Holdings rose 1.7
percent and was the top boost to the Hang Seng ahead of its
quarterly results, with analysts expecting a strong showing as
school holidays in China drove users online.
Those gains helped offset weakness in index heavyweight HSBC
Holdings, which fell 0.2 percent as remained on the
backfoot following a report that the bank was at the centre of
an investigation by British tax authorities.
HSBC shares, which gained nearly 14 percent in the prior two
months, are down 3 percent this month.
In China markets, bank shares shrugged off the weak loan
data and pared earlier losses to give the mainland stock indices
a late boost.
ICBC rose 0.5 percent while China Citic Bank
rose 2 percent.
China Railway rose 3.9 percent building on
recent gains on hopes of more infrastructure spending.