May 3, 2019 / 8:48 AM / a month ago

Hong Kong shares close higher on HSBC's earnings beat

* Hang Seng +0.5 pct, H-shares +0.2 pct; China closed for holiday

* HSBC rallies on profit; local unit declares dividends

* U.S. jobs data due; Wall St dragged by overnight losses in oil

HONG KONG, May 3 (Reuters) - Hong Kong shares ended higher on Friday, after heavyweight HSBC Holdings Plc’s earnings beat estimates, lifting sentiment on an otherwise quiet day as mainland Chinese markets remained closed for a holiday. ** At the close of trade, the Hang Seng index was up 0.5 percent at 30,081.55. The benchmark climbed 1.6 percent week-on-week. ** The Hang Seng China Enterprises index rose 0.2 percent. The index gained 0.6 percent this week. ** The sub-index of the Hang Seng index tracking the financial sector ended 0.8 percent higher, the property sector sub-index rose 0.5 percent, while energy shares dipped 0.7 percent and the IT sector lost 0.3 percent. ** HSBC beat forecast with a 31 percent rise in first quarter profit, bolstered by a surge in income from its core Asian business and lower costs that outweighed a poor performance from investment banking. ** Hong Kong-listed shares of the bank climbed as much as 2.9 pct, a seven-month high, after the results. The stock was the second-most traded in early afternoon trade. ** Shares of Hang Seng Bank Ltd, part of the HSBC group, rose as much as 2.6 pct to HK$209.80, their highest since Oct. 10, after the lender declared higher interim dividend. ** China financial markets are shut for Labour Day holiday. Trading will resume on Monday, May 6. ** To mark the ascension of Japan’s new emperor, the government had declared an unprecedented 10-day holiday from late April to early May. Japan markets will be back in action on May 7. ** On Wall Street, the Dow and S&P gave up initial gains and turned negative on Thursday as the energy sector weakened. ** Global investors await the release of April’s U.S. nonfarm payrolls, due later on Friday, which probably increased by 185,000 jobs last month after rising 196,000 in March, according to a Reuters survey of economists. ** Techtronic Industries Co Ltd, up 4.3 percent, was the top gainer on the Hang Sang index, while CNOOC Ltd , which fell 1.6 percent, was the biggest loser. ** The top gainers among H-shares were China Railway Group Ltd , up 2.5 percent, followed by Shenzhou International Group Holdings Ltd and Conch Cement Co Ltd, that gained 2.3 percent and 1.9 percent, respectively. ** About 1.26 billion Hang Seng index shares were traded. The volume traded in the previous trading session was 1.34 billion. (Reporting by Noah Sin; Editing by Rashmi Aich)

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