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Hong Kong shares end at highest in 5 months

Hong Kong - Hong Kong shares finished at their highest in more than five months on Tuesday, tracking strong gains in the mainland after China detailed which banks would benefit from a cut of required reserves ratios.

The Hang Seng Index was up 0.9 percent at 23,315.74 points, while the China Enterprises Index of the leading offshore Chinese listings in Hong Kong gained 1.1 percent.

Both indexes closed at their highest levels since January 2.

Chinese banks outperformed after the People's Bank of China (PBOC) late on Monday announced cuts in the levels for banks that have sizable loans to the farming sector and small- and medium-sized firms.

Hong Kong-listed Chinese brokerages were also strong, thanks to the resumption of initial public offerings (IPOs) in mainland markets after a four-month hiatus.

CITIC Securities climbed 3.1 percent while Haitong Securities gained 2.4 percent.

Chinese internet giant Tencent Holdings rose 2.6 percent. - Reuters

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