Hong Kong shares close up 1.2 pct, Cheung Kong rises
HONG KONG, June 17
HONG KONG, June 17 (Reuters) - Hong Kong shares outshined most Asian markets on Monday, starting the new week on a positive note as buyers seeking short-term gains rolled into counters battered by the selloff on fears the U.S. will cut its monetary stimulus.
The Hang Seng Index closed up 1.2 percent at 21,225.9 in a second-straight gain after eight-month lows. The China Enterprises Index of the top Chinese listings in Hong Kong rose 0.8 percent in its first gain in 13 sessions.
The CSI300 of the leading Shanghai and Shenzhen A-share listings slipped 0.5 percent, while the Shanghai Composite Index closed down 0.3 percent at 2,156.21 points. Last Thursday, both sank to their lowest levels since December.
* "Fast money" moved into large cap Hong Kong defensive, high yielding sectors such as property and utilities counters ahead of a two-day meeting of the U.S. Federal Reserve policy-making panel ending on Wednesday. Markets are looking to Bernanke for fresh hints on if and when the central bank will pare its aggressive monetary stimulus.
* Cheung Kong Holdings rose 3.6 percent after the company said it will buy Dutch waste processing firm RAV Water Treatment I B.V. for 943.68 million euros ($1.26 billion), as part of an overseas expansion drive that has targeted infrastructure assets offering steady income.
* Alternative energy stocks were lifted by moves by China's cabinet to fight air pollution, which also involves a pledge to support the solar sector. GCL-Poly Energy spiked 5.1 percent to a three-month high and China Longyuan jumped 1.7 percent.
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