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Hong Kong shares close up 1 pct at highest in a month

Source : REUTERS
Last Updated: Thu, Apr 25, 2013 08:10 hrs

HONG KONG, April 25 (Reuters) - Hong Kong shares closed at their highest in a month on Thursday, spurred by recovering commodity prices and positive quarterly earnings from China Minsheng Bank, the country's seventh-largest listed lender.

The Hang Seng Index ended up 1 percent at 22,401.2, its highest close since March 27. The China Enterprises Index of the top Chinese listings in Hong Kong climbed 1.3 percent.

The CSI300 of the leading Shanghai and Shenzhen A-share listings ended a choppy session down 1.1 percent. The Shanghai Composite Index shed 0.9 percent.

HIGHLIGHTS:

* China Minsheng Bank shares jumped 4.8 percent after posting a 20 percent rise in first quarter net profit from a year earlier. But much of its gain was due to short covering. Short-selling interest in Minsheng Bank's H-share listing averaged 26 percent in the first three days of the week, far above the 9.8 percent average for the broader Hong Kong market.

* Commodities-related stocks were also broadly higher as gold and copper prices rose to their highest in a week following a recent plunge. Jiangxi Copper rose 4.4 percent, also helped by an upgrade by UBS from "hold" to "buy", with analysts saying its share price now represents an attractive risk-reward profile after recent weakness.




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