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Hong Kong shares close up 0.6 pct; CNOOC, Sinopec jump

Source : REUTERS
Last Updated: Mon, Mar 25, 2013 08:10 hrs

HONG KONG, March 25 (Reuters) - Hong Kong shares recovered some of last week's losses on Monday, as investors cheered a Cyprus bailout deal and relatively positive 2012 earnings from Chinese oil majors.

The Hang Seng Index closed up 0.6 percent at 22,251.2 after declining 1.9 percent over the previous week. The China Enterprises Index of the top Chinese listings in Hong Kong rose 0.8 percent.

The CSI300 of the leading Shanghai and Shenzhen A-share listings closed down 0.2 percent after jumping 3.1 percent last week. The Shanghai Composite Index slipped 0.1 percent.

HIGHLIGHTS:

* CNOOC jumped 4.2 percent, while China Petroleum and Chemical Corp (Sinopec) rose 2.7 percent after both posted 2012 net profits that were broadly in line with market expectations. Helping the shares were Monday's higher oil prices. Sinopec also announced a venture with its parent company to buy $3 billion worth of oil and gas assets held by the latter in a bid to improve its profitability.

* China Construction Bank, which reported results on Sunday, rose 2.3 percent. In 2012, the country's second-largest lender had its slowest annual profit growth as a public listed company, a result broadly in line with market expectations.



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