Hong Kong shares end up 0.5 pct, defensive undertone lurks

HONG KONG Wed Feb 6, 2013 8:05am GMT

Related Topics

HONG KONG Feb 6 (Reuters) - Hong Kong shares rebounded on Wednesday from the previous day's tumble, helped by strength in China Mobile and other defensive counters that showed investors remain cautious.

The Hang Seng Index closed up 0.5 percent at 23,256.9. The China Enterprises Index of the top Chinese listings in Hong Kong rose 0.3 percent. Both indexes had slid on Tuesday to their lowest close since Jan. 8.

The CSI300 of the top Shanghai and Shenzhen A-share listings ended up 0.2 percent at its highest close since September 2011. The Shanghai Composite Index stretched its winning streak into an eighth day, ending up 0.1 percent.

HIGHLIGHTS:

* Popular defensive plays, which lagged behind as more growth-sensitive stocks powered the rally from lows last year, were broadly higher. Hong Kong utilities provider Power Assets gained 1.6 percent and China Mobile rose 1 percent.

* Chinese property developers sank after a plan that Beijing announced late on Tuesday to tackle inequality included an expansion of a property tax pilot programme to more cities.

* The Macau gambling sector was hit by a report in The Times of London that Beijing is planning a crackdown after the Lunar New Year holiday next week on triad-linked "junket" operators who bring high-rollers from mainland China.

FILED UNDER: