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Hong Kong shares close up 0.6 pct, Li & Fung slumps
January 14, 2013 / 8:17 AM / 5 years ago

Hong Kong shares close up 0.6 pct, Li & Fung slumps

HONG KONG, Jan 14 (Reuters) - Hong Kong shares ended higher on Monday, with financials and property stocks leading gains, although global exporter Li & Fung Ltd tumbled 15 percent after a profit warning.

The Hang Seng Index closed up 0.6 percent at 23,413.26 points. The China Enterprises Index of the top Chinese listings in Hong Kong climbed 1.4 percent.

Hong Kong markets were also buoyed by a rise in China shares to their best close since June.

The CSI300 of the top Shanghai and Shenzhen A-shares closed up 3.8 percent at 2,577.7 points, after slipping 1.6 percent last week. The Shanghai Composite Index closed up 3.1 percent at 2,311.7, after losing 1.5 percent last week.


* Shares of Li & Fung Ltd fell to a three-month low after the global supply chain manager warned of a steep drop in core operating profit, taking investors by surprise and triggering concern over its ability to reach a three-year earnings target.

* GCL-Poly Energy Holdings Ltd fell 4.3 percent after the China’s largest polysilicon and wafer maker expected to record a substantial loss in 2012 due to anti-dumping and countervailing duties imposed by the U.S., and impairment and provisions against inventory and production facilities.

* Shares of Citic Telecom International Holdings Ltd surged 13 percent after striking a $1.2 billion deal to gain control of a Macau telecommunications company from Cable & Wireless Communications Plc and Portugal Telecom SGPS SA.

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