HONG KONG Dec 9 Hong Kong shares edged higher
on Monday but gains were capped by a reversal in Chinese banks,
after the central bank issued rules for the trading of
certificates of deposits, reigniting fears that interest rate
liberalisation will crimp margins.
The Hang Seng Index ended up 0.3 percent at 23,811.2
points. The China Enterprises Index of the top offshore
Chinese listings in Hong Kong finished up 0.5 percent after
rising by as much as 1.4 percent earlier.
Haier Electronics surged 13.1 percent to its
highest closing level since July 1999 as investors cheered its
agreement with e-commerce giant Alibaba Group to further develop
its logistics business.
A record yuan fix, robust China November export data and
weaker-than-expected inflation helped buoy exporters, along with
a solid U.S. jobs report last Friday. More Chinese data is due
later this week, including industrial output, retail sales,
money supply and loan growth.
Investors will be looking to an annual economic work meeting
this week, along with two others for urbanisation and
agricultural policy, where China's leaders will convene to set
economic growth targets to gauge the execution of Beijing's bold
The official China Securities Journal said in a front-page
commentary on Monday that the government will probably aim for
annual economic growth of 7.5 percent in 2014, alongside 4