HK shares jump across the board, properties shine

(For Shanghai stock market reports, click [.SS])
(Adds Thursday lunch close, details)

By Rita Chang

HONG KONG, Nov 29 (Reuters) - Hong Kong blue chips raced up
4.1 percent on Thursday in a broad rally after comments by a top
Federal Reserve official lifted expectations of a December rate
cut, sending many property shares up more than 5 percent.

China Construction Bank (0939.HK) stood up well after Temasek
Holdings [TEM.UL] sold US$255 million worth of shares in the
mainland lender in the second big share sell-down in a Chinese
bank this week by Singapore's state investment agency
[ID:nHKG347302]. Shares ended up 0.8 percent at HK$7.52.

The benchmark Hang Seng Index .HSI had risen to 28,493.07
by midday on mainboard turnover of HK$85.6 billion (US$11
billion), sharply higher than Wednesday morning's HK$77.1
billion.

The China Enterprises Index of mainland companies listed in
Hong Kong .HSCE gained 4.2 percent to 17,055.79.

"Sentiment has improved," said Antony Mak, sales director at
DBS Vickers. "The momentum can last us a few more days."

Among advancing local property developers, Sino Land Co Ltd
(0083.HK) bolted nearly 11 percent to HK$27.40.

Wharf Holdings (0004.HK) soared 8.3 percent to HK$43.9 as it
makes a play for China's property market. JPMorgan upped its
rating to overweight from neutral and set a target price of
HK$49.

The ports-to-property investor said in a statement it planned
to issue 305.98 million rights shares at HK$30 each in the
proportion of 1 rights share for every 8 shares held, raising
HK$9.1 billion to fund its China investment.

Life insurers rebounded after a two-day declining session.

Ping An Insurance (Group) Co of China Ltd (2318.HK) jumped
7.3 percent to HK$83.7. It said on Thursday it had bought 4.18
percent of Fortis SA/NV and Fortis N.V. (FOR.AS) for 1.81 billion
euros (US$2.7 billion), a move seen as a positive path to
diversification for China's second-largest life insurer.
[ID:nHKG336430]

China Life Insurance (2628.HK) leapt nearly 6 percent to
HK$42.3. It said on Thursday it planned to inject $405 million
into two of its units, together with other parties.
[ID:nSHA348035] [ID:nSHA311290]

Shipping plays also recovered in line with the Baltic Dry
Index .BADI, an indicator of commodity freight rates.

China Cosco Holdings Ltd (1919.HK), Asia's biggest container
line, surged 10.5 percent to HK$28.5. COSCO's Shanghai-listed
shares were suspended pending regulators' approval of the
company's proposal to sell shares to its parents to finance a
purchase of the world's largest fleet of dry-bulk ships.

China Shipping Container Lines (2866.HK) shot up 10.1 percent
to HK$6.79. Dry bulk shipper Pacific Basin (2343.HK) jumped 7.2
percent to HK$15.5.
(US$1=HK$7.8)