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Hong Kong shares close up 0.7 pct in first gain in 3 days

Source : REUTERS
Last Updated: Thu, Nov 08, 2012 10:41 hrs

HONG KONG, Nov 7 (Reuters) - Hong Kong shares reversed midday losses on Wednesday after U.S. President Barack Obama was re-elected, producing their first gain in three days, with local developers strong on hopes that greater fund inflows would support property prices in the city.

The Hang Seng Index closed up 0.7 percent at 22,099.9 Points, creeping back towards its 2012 closing high at 22,111.3 recorded last Friday. The China Enterprises Index of the top Chinese listings in Hong Kong also rose 0.7 percent.

In the mainland, the CSI300 Index of the top Shanghai and Shenzhen listings had a third-straight loss, slipping 0.2 percent to its lowest close since Oct. 31. The Shanghai Composite Index ended flat.

HIGHLIGHTS:

* Chinese property developer Evergrande jumped 9.3 percent to its highest close since mid-July, in its best day in 5-1/2 months, after posting strong October contract sales, which Deutsche Bank analysts said was a record high for the company.

* Gains for Hong Kong developers picked up after Obama won a second term, spurring expectations that a weaker dollar will trigger more inflows into the Chinese territory that could support property prices. Sun Hung Kai Properties rose 2.1 percent, while New World Development jumped 3.2 percent.



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