Hong Kong shares close up sharply in late afternoon surge

BEIJING, April 29 Tue Apr 29, 2014 4:18am EDT

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BEIJING, April 29 (Reuters) - Hong Kong shares ended up sharply on Tuesday, fuelled by a late afternoon rally in shares on the mainland and a rebound in telecom operators such as China Unicom which hit a near four-month high.

The Hang Seng Index closed up 1.5 percent at 22,453.89. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong was up 1.2 percent.

Both indexes shot up in the final hour of trade, with the HSI gaining more than 1.2 percent as investors followed a pattern seen on the mainland, where the Shanghai Composite Index gained more than 0.9 percent in the final hour, bringing the two main indexes' 4-day losing streaks to an end.

Investors also continued to pile into the mainland's two biggest telecoms operators. That pushed China Mobile Ltd up 4.6 percent and China Unicom Hong Kong Ltd up 6.4 percent, sending the stock to its highest close since early January.

But they shunned insurance giant Ping An Insurance (Group) Co of China with the stock gaining 1.7 percent despite the company's mainland listing climbing 2.6 percent on positive earnings, as investors worried about its exposure to trust funds. (Reporting By Natalie Thomas; Editing by Jacqueline Wong)

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