Hong Kong shares end up 0.5%

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Hong Kong shares closed at the highest level in more than a month on Wednesday as risk appetite improved on optimism that the US central bank could launch more monetary stimulus, but gains were capped at chart levels that also limited the upside on Monday.

The Hang Seng Index finished up 0.53 percent at 19,518.85. The China Enterprises Index of top mainland Chinese listings in Hong Kong ended up 0.21 percent at 9,821.22.

In the mainland, the large cap-focused CSI300 Index closed down 0.23 percent, while the Shanghai Composite Index slipped 0.34 percent. Shanghai bourse turnover slumped to the lowest since February 1.

HIGHLIGHTS:

* Hong Kong bourse turnover slipped for the third session in a row and neared the lowest this year, with investors eyeing the US Fed's policy decision later in the day and the HSBC China flash PMI for June on Thursday. Gains on the Hang Seng Index were capped at the 200-day moving average at about 19,591, a level that also limited Monday's gains.

* HSBC Holdings Plc, up 2.3 percent, and Sands China Ltd, up 3.3 percent, were among the top boosts to the Hang Seng Index. The Macau gaming sector was broadly stronger, with Galaxy Entertainment Group Ltd climbing 6.6 percent.

* China Unicom (Hong Kong) Ltd fell 3.9 percent to HK$10.40 after the mainland's second-largest telecommunications provider posted May 3G subscriber growth that disappointed expectations late on Tuesday. Bank of America-Merrill Lynch analysts slashed their 2012 profit estimates for Unicom by 18 percent and cut its price target for Unicom's Hong Kong listing to HK$16.20 from HK$19, maintaining a “buy” rating. - Reuters


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