Hong Kong shares end modestly higher on telecoms rebound, earnings

BEIJING, April 24 Thu Apr 24, 2014 4:05am EDT

BEIJING, April 24 (Reuters) - Hong Kong shares posted modest gains on Thursday, helped by a strong rebound in some telecoms shares after the previous session's sell-off, and by company results.

The Hang Seng Index closed up 0.2 percent at 22,562.80 points. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong ended up 0.4 percent.

China Unicom Hong Kong Ltd was the biggest gainer on the Hang Seng index, rising 3.8 percent after investors bought back the stock following a sell-off on Wednesday when its main competitor China Mobile Ltd posted its worst quarterly results in 5 years.

China Mobile slipped 0.4 percent, after sliding 2.6 percent the previous day.

Shares of GOME Electrical Appliances rose 4.9 percent, hitting their highest since April 2012 after the Chinese home appliance retailer said it expected to see a sharp rise in its first-quarter profit.

Summit Ascent Holdings Ltd closed up 6.2 percent after it said it would raise its stake in a casino resort project in Russia by 14 percent for $20.2 million. The deal would be funded by proceeds from a share sale. (Reporting By Natalie Thomas; Editing by Kim Coghill)