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Hong Kong shares close up 1 pct on China developments

Source : REUTERS
Last Updated: Wed, Mar 06, 2013 08:10 hrs

HONG KONG, March 6 (Reuters) - Hong Kong shares gained for a second day, lifted by strength in the Chinese financial and telecom sectors as investors cheered comments from policymakers at the country's annual parliamentary meetings.

The Hang Seng Index closed up 1 percent at 22,777.8 on Wednesday. The China Enterprises Index of the top Chinese listings in Hong Kong gained 1.7 percent.

The CSI300 index of the leading Shanghai and Shenzhen A-share listings closed up 1 percent, while the Shanghai Composite Index rose 0.9 percent.

HIGHLIGHTS:

* The Chinese banking sector was lifted by comments from Shang Fulin, the China Banking Regulatory Commission chairman, that his agency is researching the possibility of raising or replacing the loan-to-deposit ratio capped on the country's lenders, now at 75 percent.

* ZTE surged 8.9 percent on news reports that the world's fourth-biggest handset maker had entered a strategic collaboration with Intel focused on a new platform that could enhance the performance of ZTE's next generation of smartphones.

* China Unicom and China Telecom rose on a report in the official China Securities Journal that cited Miao Wei, minister of industry and information technology, as saying Beijing could issue 4G network licences this year.



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