Hong Kong shares rise, Lenovo at near 14-year high

HONG KONG Wed Jan 15, 2014 3:10am EST

HONG KONG Jan 15 (Reuters) - Hong Kong shares rose on Wednesday as Chinese PC maker Lenovo Group surged to its highest close in nearly 14 years, extending strong gains after reports suggested it bucked a broader decline in PC shipments last quarter.

The Hang Seng Index ended up 0.5 percent at 22,902 points, with trade locked in the same 320-point range it has been in for nearly two weeks. The China Enterprises Index of the top offshore Chinese listings in Hong Kong also rose 0.5 percent.

Gains came in sluggish turnover largely focused on a few sectors, including Chinese cement producers and sportswear brands after a series of profit alerts and warnings.

Anhui Conch Cement and China Resources Cement rose about 6 percent after issuing positive profit alerts, spurring some short covering that lifted all cement producers.

361 Degrees plummeted 6.5 percent in its biggest loss in seven months after warning 2013 net profit will be "significantly lower" than the year before, weighing on sector peers. Li Ning sank 4 percent.

Lenovo shares jumped 5.5 percent to its highest closing level since April 2000 and have now soared more than 10 percent in four sessions after Gartner and IDC reports were released late on Jan. 9.

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