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Hong Kong shares close down 0.2 pct at 3-1/2-month low

Source : REUTERS
Last Updated: Tue, Mar 19, 2013 08:10 hrs

HONG KONG, March 19 (Reuters) - Hong Kong shares ended at a three-and-a-half-month low on Tuesday, as weakness in the Chinese consumer sector offset strength in Chinese power producers driven up by corporate earnings.

The Hang Seng Index ended down 0.2 percent at 22,041.9, its lowest close since Dec. 4. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.5 percent.

The CSI300 of the leading Shanghai and Shenzhen A-shares closed up 0.9 percent at 2,525.1 bouncing off Monday's two-month low. The Shanghai Composite Index climbed 0.8 percent from its lowest close since Dec. 28 set on Monday.

HIGHLIGHTS:

* China Resources Power surged 8.1 percent in its best daily gain since December 2008 after brokers upgraded their target price for its stock following its positive 2012 earnings. Analysts at Deutsche Bank raised their target price for CR Power by some 14 percent, citing the company's superior execution and its strongest capacity for organic capacity growth among sector peers.

* The Chinese consumer sector extended its weakness after earnings from Tingyi and Sun Art Retail on Monday and Sunday, respectively, disppointed. Luxury names also slid after Emperor Watch & Jewellery posted a bigger-than-expected slide in net 2012 profit. Emperor shed 4.7 percent, while China's largest luxury watch retailer Hengdeli sank 3.6 percent.




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