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Hong Kong shares end up 0.3 pct, Haier soars
December 9, 2013 / 8:06 AM / in 4 years

Hong Kong shares end up 0.3 pct, Haier soars

HONG KONG, Dec 9 (Reuters) - 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 reform agenda.

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 percent inflation.

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