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Hong Kong shares gain on China strength, property weak

Source : REUTERS
Last Updated: Thu, Oct 11, 2012 18:44 hrs

HONG KONG, Oct 11 (Reuters) - Hong Kong shares ended higher on Thursday on the back of strength in Chinese banks and infrastructure stocks on hopes of stimulus measures, while local property developers were hit by profit-taking following their recent outperformance.

The Hang Seng index closed up 0.4 percent at 20,999.05 points, while the China Enterprises index rose 1.9 percent.

On the mainland, the CSI300 index of top Shanghai and Shenzhen listed companies fell 0.9 percent while the Shanghai Composite closed 0.8 percent lower.

HIGHLIGHTS:

* ICBC jumped 4.3 percent while Bank of Communications rose 3.5 percent after Central Huijin, a unit of China's sovereign wealth fund, said late on Wednesday that it had bought Shanghai-listed shares of the "Big 4" banks and would continue to increase its stakes.

* Profit-taking hit shares of Hong Kong developers, with bellwether Sun Hung Kai Properties down 2.2 percent, making it the top drag on the Hang Seng. (Reporting by Vikram Subhedar; Editing by Anne MarieRroantree)




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