* HSI +0.3 pct, H-shares +0.3 pct, CSI300 flat
* Chinese power sector helped by report on reform plan
* Hong Kong property rebounds as interest rate rise seems
* BOC extends losses; it denies state TV report on money
(Updates to midday)
By Grace Li
HONG KONG, July 10 Hong Kong shares rose on
Thursday after the Federal Reserve indicated it was in no rush
to end quantitative easing and begin raising U.S. interest
rates, although gains were trimmed after Chinese export data
came in weaker than expected.
Chinese shares eked out slim gains in choppy trade, led by
power producers after media reported that a draft plan for
electric power system reforms had been finished.
Exports in China grew 7.2 percent in June from a year
earlier, less than the 10.6 percent forecast in a Reuters poll,
offering no conclusive evidence yet on whether the economy can
stabilise without additional government stimulus measures.
By midday, the CSI300 of the leading Shanghai and
Shenzhen A-share listings was flat, while the Shanghai Composite
Index had inched up 0.2 percent to 2,042.92.
The Hang Seng Index was up 0.3 percent at 23,239.86,
and the China Enterprises Index of the top Chinese
listings in Hong Kong rose by the same amount. Both had fallen
1.6 percent on Wednesday.
"The Fed continues to adopt accommodative policies that
helped the U.S. market rebound. Worry about an interest rate
hike has eased in the short term, which helped the index
rebound today," said Castor Pang, head of research at Core
Pacific-Yamaichi in Hong Kong.
According to minutes from the last Federal Reserve meeting
released on Wednesday, the central bank acknowledged the recent
strengthening in the U.S. economy but suggested it was unlikely
to raise policy rates until the second half of 2015.
Property developers in Hong Kong were buoyed by the news.
Cheung Kong Holdings gained 1.4 percent and Sino Land
Low global interest rates are a key support for their share
prices and property prices in the territory.
Their mainland peers also outperformed as more cities have
started to ease restrictions on house purchases and prices.
China Vanke climbed 1.8 percent.
Bank of China shed 1.2 percent in Hong
Kong and 0.4 percent in Shanghai. Late on Wednesday, the
country's fourth-largest lender denied a TV report alleging some
branches had helped clients launder money to take out of China,
saying these branches were involved in a legitimate programme to
move capital offshore.
Chinese power producers posted solid gains after a Shanghai
Securities News report said a draft on electric power system
reforms had been completed. Datang Power and Huaneng
Power rose 3.1 percent and 2 percent respectively.
Chow Tai Fook Jewellery Group lost 3.9 percent in
Hong Kong after sales declined in the period from April to June.
(Editing by Alan Raybould)