April 9, 2014 / 8:16 AM / in 4 years

Hong Kong shares end at 11-week high on casinos, Tencent

SHANGHAI, April 9 (Reuters) - Hong Kong shares ended at its highest in 11 weeks on Wednesday, as a rebound in casino shares and index-heavyweight Tencent pushed the index to its best close since end-January.

The Hang Seng Index closed up 1.1 percent. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong was up 0.6 percent.

Hong Kong casino stocks climbed back into positive territory, putting an end to a downward spin many had fallen into in recent days after peaking at the beginning of the month on positive gambling revenue data from Macau.

Wynn Macau Ltd closed up 3.9 percent, Galaxy Entertainment Group Ltd was up 3.4 percent, and Sands China Ltd gained 3.4 percent.

Shares in Tencent Holdings Ltd, a dominating force on the Hang Seng, were also up, gaining 2.8 percent as the stock continued to see-saw on continuing investor concerns about the over-valuation of tech shares.

Shares in Hong Kong listed Russian aluminium giant Rusal jumped 6.6 percent after lenders to the world’s largest aluminium producer agreed not to take action against it on any defaults for up to three months.

But Pacific Century Premium Developments saw its shares tumble 21.5 percent to their lowest level since July 2012 after the property firm announced it would sell its office and retail complex Beijing Pacific Century Place for HK$7.2 billion ($928.44 million).

The firm also announced it would be exploring ways to expand its shareholder base in filings to the Hong Kong stock exchange.

$1 = 7.7550 Hong Kong Dollars Editing by Jacqueline Wong

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