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Hong Kong shares close up 0.5 pct in 6th day of gains

Source : REUTERS
Last Updated: Thu, Oct 18, 2012 08:10 hrs

HONG KONG, Oct 18 (Reuters) - Hong Kong shares posted a sixth-straight day of gains on Thursday, lifted by growth-sensitive sectors that propelled the Hang Seng Index to a seven-month closing high on signs that the slowdown in China's economy is stabilising.

The Hang Seng Index ended up 0.5 percent at 21,518.7, the highest close since March 2. The China Enterprises Index of the top Chinese listings in Hong Kong closed up 1.4 percent at 10,636.3.

In the mainland, the CSI300 Index of the top Shanghai and Shenzhen listings ended up 1.5 percent at 2,336.1, its highest close since Aug. 14. The Shanghai Composite Index rose 1.2 percent.

HIGHLIGHTS:

* China's economy likely hit the bottom of a seven-quarter long economic downturn between July and September, data showed on Thursday, but the slowest three months of growth since the depths of the financial crisis and a cloudy housing market outlook make recovery prospects tepid.

* China Coal Energy Co Ltd, the country's second-largest coal producer, rose 2.3 percent. After lagging the market for most of the year, China Coal jumped 9.6 percent in September and is now up 9 percent this month ahead of its third-quarter earnings, expected on Monday.

* China Life Insurance slipped 1.1 percent after the world's largest insurer by market value issued a profit warning late on Wednesday that signalled its first quarterly loss since 2008. (Reporting by Clement Tan; Editing by Jacqueline Wong)




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