Hong Kong shares close up 0.3 pct in 1st gain in 3 days

HONG KONG, March 14 Thu Mar 14, 2013 8:07am GMT

Related Topics

HONG KONG, March 14 (Reuters) - Hong Kong shares eked out there first gain in three days, as strength in banking stocks offset a fall in the property sector after three leading lenders raised mortgage rates for the first time since 2011.

The Hang Seng Index closed up 0.3 percent at 22,619.2. The China Enterprises Index of the top Chinese listings in Hong Kong climbed 0.6 percent. Both indexes reversed midday losses.

The CSI300 of the top Shanghai and Shenzhen A-share listings closed up 0.3 percent at 2,534.3 points. The Shanghai Composite Index also rose 0.3 percent.

HIGHLIGHTS:

* After markets closed on Wednesday, HSBC and Standard Chartered announced a 25 basis point hike in mortgage lending rates. Hang Seng Bank followed suit on Thursday. This follows the Hong Kong Monetary Authority's move last month to tighten home loan approvals.

* Sun Hung Kai Properties and Henderson Land both sank 3.3 percent. Hong Kong banks climbed, with Hang Seng Bank up 2 percent and Bank of East Asia up 1.5 percent.

* China Mobile reversed slim losses at midday to close up 0.2 percent after its final 2012 earnings were slightly better than expected.

* The country's largest mobile operator also announced plans to up capex in 2013 to 190.2 billion yuan from 127.4 billion yuan in 2012, bolstering the shares of telecom equipment maker ZTE, which jumped 8.8 percent.

FILED UNDER: