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REFILE-Hong Kong shares end up 0.2 pct, China coal plays slide
April 29, 2013 / 8:06 AM / 5 years ago

REFILE-Hong Kong shares end up 0.2 pct, China coal plays slide

HONG KONG, April 29 (Reuters) - Hong Kong’s Hang Seng Index ended slightly higher on Monday as strength in retailer Esprit Holdings offset weakness in Chinese commodities counters after disappointing corporate earnings doused recovery hopes.

The Hang Seng Index closed up 0.2 percent at 22,580.8 points. The China Enterprises Index of the leading Chinese listings in Hong Kong shed 0.5 percent.

Mainland China markets are shut for a three-day Labour Day public holiday.


* Esprit Holdings jumped 4.6 percent to its highest in almost three months, thanks to an upgrade from “neutral” to “buy” by UBS analysts, who believe its turnaround prospects have improved following more focused execution.

* Coal mining plays dived after a series of underwhelming quarterly earnings from the smaller sector players. China Coal Energy tumbled 6.2 percent in its worst daily showing in 11 months after underwhelming expectations with a 38 percent decline in quarterly net profit. JP Morgan analysts cut their price target for China Coal by about 11 percent.

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