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Hong Kong shares close up 0.7 pct in first gain in 4 sessions

Source : REUTERS
Last Updated: Tue, Apr 09, 2013 08:10 hrs

HONG KONG, April 9 (Reuters) - Hong Kong shares posted their first gain in four sessions on Tuesday as slower-than-expected inflation in China eased concerns about potential tightening moves in the world's second-largest economy.

The Hang Seng Index closed up 0.7 percent at 21,870.3 on Tuesday, its first gain since April 2. The China Enterprises Index of the top Chinese listings in Hong Kong climbed 1.7 percent.

The CSI300 of the leading Shanghai and Shenzhen A-share listings closed up 0.7 percent, the first rise in seven days. The Shanghai Composite Index had its first gain in five days, of 0.6 percent, and closed just above its 100-day moving average at about 2,223.9.

HIGHLIGHTS:

* China's annual consumer inflation rate eased to 2.1 percent in March, compared with a 2.4 percent Reuters poll consensus and February's 3.2 percent. Producer price deflation deepened, dropping 1.9 percent in March, versus a 1.8 percent consensus and February's 1.6 percent year-on-year drop.

* China-focused food producer Want Want China rose 3 percent from Monday's one-month closing low on hopes that benign inflation will ease margin pressures.

* Shoe retailer Belle International jumped 4.4 percent as investors cheered its positive first quarter same-store sales growth (SSSG). The 11 percent increase for its sportswear business in the first quarter was its fastest in more than four years, Bank of America-Merrill Lynch analysts said.

DAY AHEAD:

* More Chinese economic data is expected later this week, with trade on Wednesday, then money supply and loan growth expected between April 10 and 15.




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