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Hong Kong shares close up 0.2 pct in 4th straight gain

Source : REUTERS
Last Updated: Tue, Sep 11, 2012 08:10 hrs

HONG KONG, Sept 11 (Reuters) - Hong Kong shares closed higher on Tuesday to advance for a fourth straight day, tracking gains in European markets made after a German court said it would rule on the legality of the European bailout fund as scheduled on Wednesday.

The Hang Seng Index reversed midday losses to end up 0.2 percent at 19,857.9. The China Enterprises Index of the top Chinese listings in Hong Kong ended down 0.2 percent at 9,377.1.

In the mainland, the CSI300 Index of the top Shanghai and Shenzhen listings closed down 0.6 percent at 2,311.9. The Shanghai Composite Index shed 0.7 percent.

HIGHLIGHTS:

* The Hong Kong property sector was the flavour of the day among investors who took profits on Chinese-related plays after a three-day rally fuelled by Beijing announcing last week that infrastructure projects worth more than $150 billion had been given a green light, dealers said. Sun Hun Kai Properties rose 1.3 percent, while Henderson Land gained 1.7 percent.

* Gains accelerated after Germany's Constitutional Court said on Tuesday it would not postpone its long-awaited ruling on the legality of the euro zone's bailout fund, despite a last-minute legal challenge by a eurosceptic lawmaker.

* Chinese infrastructure-related sectors suffered the brunt of the selloff on Tuesday, trimming strong gains in the previous three sessions. Anhui Conch Cement lost 1.1 percent, but is still up more than 11 percent since last Thursday. (Reporting by Clement Tan; Editing by Anne Marie Roantree)




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