HK shares end up 2.1 pct, above 6-mth high

HONG KONG | Wed Feb 15, 2012 8:23am GMT

HONG KONG Feb 15 (Reuters) - Hong Kong shares ended at the highest in more than six months on Wednesday, powered by local developers and growth-sensitive sectors, after the Chinese central bank governor reiterated Beijing's support for euro zone government bonds.

The Hang Seng Index closed up 2.14 percent at 21,365.23. The China Enterprises Index of top Chinese listings in Hong Kong ended up 2.39 percent at 11,685.73.

The Shanghai Composite Index finished up 0.94 percent at 2,366.7, above its 100-day moving average for the first time since May in rising A-share turnover.

HIGHLIGHTS:

* Wednesday's gains came in the second-highest turnover since Dec. 1. Local developers and growth-sensitive sectors led the Hang Seng Index to close above its 250-day moving average at about 21,000, for the first time since July -- pointing to more gains ahead. The benchmark had faltered at this level for more than a week. Its next upside target is seen at about 21,725, the top end of a gap that opened up between Aug. 4 and 5 last year.

* Hong Kong developers extended gains, partly on short covering and as investors rotated into a sector that has relatively lagged the rally so far this year. Sun Hung Kai Properties Ltd jumped 4.3 percent in more than three times its 30-day average volume to the highest close since Aug 1 last year.

* Despite gaining 3.5 percent on Tuesday, short-selling interest in SHK accounted for more than 12 percent of its total turnover, the highest since Jan. 30. Before Tuesday, SHK was up 12.8 percent this year. Among other Hang Seng Index components, Cosco Pacific Ltd was up 36 percent and Ping An Insurance (Group) Co of China Ltd was up 27 percent over the same period. (Reporting by Clement Tan and Vikram Subhedar; Editing by Chris Lewis)

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