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HK shares snap eight-session losing streak, end up 0.8 pct

Published 05/09/2011, 04:13 AM
Updated 05/09/2011, 04:16 AM
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HONG KONG, May 9 (Reuters) - Hong Kong shares finished higher on Monday for the first session in nine, boosted by a rebound in global crude prices, but gains were capped by concern over key economic data due from Beijing on Wednesday.

The benchmark Hang Seng Index closed up 0.76 percent at 23,336, bouncing back from a two-month low on Friday, while the Chinese Enterprises Index closed up 0.67 percent at 12,934.47.

The Shanghai Composite Index closed up 0.3 percent at 2,872.46 after retreating 1.6 percent last week -- its third consecutive weekly decline.

HIGHLIGHTS:

* Volume remained thin in Hong Kong and Shanghai ahead of key economic data on Wednesday and a holiday in Hong Kong on Tuesday.

* Energy and materials issues outperformed the broader market after Brent crude rose more than a dollar on Monday, rebounding from a record fall of more than $16 last week as investors fled commodities on worries over slowing global growth. [ID:nL3E7G90DS]

* The energy and materials sub-indexes outperformed the broader Hong Kong market, gaining 1.84 and 1.5 percent respectively.

* China Resources Land Ltd and China Overseas Land & Investment Ltd were the top two gainers on the benchmark, gaining 5.4 and 3.8 percent. Some analysts said it was rotational buying after the retreat in China property stocks last week made valuations attractive.

DAY AHEAD:

* Markets in Hong Kong will be closed on Tuesday for a public holiday.

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* Beijing is expected to release April economic data, including key inflation and trade information, on Wednesday. (Reporting by Clement Tan; Editing by Chris Lewis)

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