* HSI +0.4 pct, H-shares -0.3 pct, CSI300 +0.3 pct
* Ping An shares gain in mainland but down in HK
* Mainland property firms take a hit
By Natalie Thomas
BEIJING, April 29 Strong earnings lifted
mainland stocks on Tuesday, allowing China's main index to break
its four-day losing streak after insurance giant Ping An posted
strong Q1 profit.
Hong Kong shares rose, as mainland telecom operators China
Mobile and China Unicom continued to rebound after last week's
losses, with Unicom shares hitting a 15-week high.
By midday, the CSI300 index of the largest
Shanghai and Shenzhen A-share listings was up 0.3 percent, while
the Shanghai Composite Index was up 0.2 percent at
The Hang Seng Index was up 0.4 percent at 22,219.33
points. The China Enterprises Index of the top Chinese
listings in Hong Kong dropped 0.3 percent.
Ping An Insurance Group of China Co Ltd had the
biggest impact on both mainland indexes. Shares of the country's
second-largest insurer by market value rose 2.4 percent after it
posted a 46 percent rise in first-quarter profit.
Profit growth was driven by a recovery in investment income
and strong growth in its core life insurance business, the firm
But Hong Kong investors remained indifferent to its Hang
Seng listed counterpart, with the stock losing 0.2
percent, on top of a 1.6 percent drop on Monday.
"A lot of the earnings growth came from the trusts element
(of the business), which is a risker part," said Francis Cheung,
CLSA China-HK strategist in Hong Kong.
"Therefore, it's trading down here, while the A-share market
is probably more comfortable with that growth."
Instead, investors continued to pile into the mainland's two
biggest telecoms operators, pushing China Mobile Ltd
up 2.9 percent and China Unicom Hong Kong Ltd up 3.6
percent, sending the stock to its highest level since Jan. 15.
Back on the mainland, property stocks had a rough morning,
with the CSI real estate sub-index down 1.91 percent
after investors sold off stakes in weaker or overvalued firms,
underlying the challenges the industry faces as the property
market shows increasing signs of slowing.
Gemdale corp lost 10 percent after the company
reported a 76 percent fall in Q1 net profit on Monday. Beijing
Capital Development Co Ltd shares also dropped 4.5
percent percent, while Risesun Real Estate Development Co Ltd
lost 3.2 percent.
But shares in Datong Coal Industry Co Ltd jumped
10 percent in Shanghai, their biggest one-day gain in nine
months, after the company reported a 1.04 billion yuan ($166.32
million) first-quarter profit.
The company reported a net loss of 1.4 billion yuan last
year, hit by sharp falls in thermal coal prices.
($1 = 6.2530 yuan)
(Editing by Jacqueline Wong)