SHK Properties jumps 4.6 pct on broker upgrade

HONG KONG, July 7 (Reuters) - Shares in Sun Hung Kai Properties (0016.HK) jumped 4.6 percent on Monday after Credit Suisse upgraded the stock to outperform from neutral, following a sharp correction in its price so far this year.

Shares in Hong Kong's leading property developer have fallen nearly 37 percent since the beginning of the year, in line with a 35 percent drop on the Hang Seng Property Index .HSNP, but lagging a 23 percent correction for the main index .HSI.

"We believe the recent correction in the share price has more than discounted the weakness in the property market," said analysts with Credit Suisse.

Shares of Sun Hung Kai Properties have also been weighed down by a power struggle between the members of the Kwok family, its controlling shareholders. (Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree)