* Hong Kong shares up 1.5 pct, IPO flurry boosts HKEx
* Casino operators surge after strong Macau revenue report
* China markets closed for public holiday (Updates to close)
By Clement Tan
HONG KONG, April 4 (Reuters) - Hong Kong shares ended higher on Monday in brisk trade, largely supported by financial firms as signs of reviving IPO activity boosted bourse operator Hong Kong Exchanges and Clearing Ltd (HKEx) .
Shares of HKEx, one of the world's largest exchange operators by market value, surged 5.3 percent to a 2-month high. Volume in the stock was more than four times its 30-day average.
"This is a sign of investors' confidence in the Hang Seng Index," said Mark To, a Wing Fung Financial Group analyst.
Investor confidence also improved after the benchmark Hang Seng index breached 23,700-23,800 points, a key technical resistance level, on Friday.
The Hang Seng index ended Monday trade up 1.5 percent at 24,150.6, a level not seen since Jan 20 this year. This follows gains of 2.8 percent last week and 3.9 percent the week before.
The index had finished the first quarter up 2.1 percent, outperforming the Nikkei but underperforming the Shanghai Composite Index .
Markets in China and Taiwan were closed for a holiday on Monday and will be shut in Hong Kong, China and Taiwan on Tuesday.
Analysts cite 24,800, the Hang Seng's January peak, as the next resistance point, with support seen at 23,400.
In a note released on Sunday, Citigroup Global Markets upgraded HKEx to to "buy" from their earlier "sell" rating, with a revised target price of HK$206, up from HK$160. That would imply a further 14 percent upside for the stock from Monday's close.
Citi also said in the same note that HKEx has underperformed the Hang Seng Index by 6 percent in the year to date.
"HKEx looks fairly valued at the current price. There's still some room on the upside," said Alan Lam, Greater China equities analyst at Julius Baer. "We think it could reach HK$210 in the next 6-12 months."
Analysts said investor confidence was boosted by news of Glencore International AG's impending $10 billion listing, tentatively scheduled for mid-April. Several other high profile firms, including fashion house Prada, are looking to do the same.[ID:nLDE7300Z9][ID:nL3E7F11G0], [ID:nLDE72U1RX]
According to Citi, HKEx received 37 listing applications in March, the largest monthly number since 2009.
An ongoing spate of merger and acquisition attempts among exxchange oeprators could also be fueling investors' optimism in HKEx, after Nasdaq OMX and IntercontinentalExchange bid $11.3 billion for NYSE Euronext in an effort to trump Deutsche Boerse's deal, and pushed their case with an appeal to U.S. patriotism.[ID:nL3E7F11TO]
Macau casino operators also outperformed the broader market on Monday after gaming revenue surged to a record high, blowing away concerns of a potential slowdown in the world's largest gaming market. [ID:nL3E7EV0CK]
Robust demand from gamblers from mainland China helped the former Portuguese colony post a total of 20.1 billion patacas ($2.5 billion) in March gaming revenue. [ID:nH9E7EL02A]
Wynn Macau Ltd , controlled by casino magnate Steve Wynn, jumped 10.2 percent to HK$23.70, posting both its all-time biggest intra-day jump and a record closing high.
U.S. billionaire Sheldon Adelson's Sands China Ltd surged 6.9 percent.
"We see the recent correction as a good opportunity to accumulate," said Kenneth Fong, analyst at J.P. Morgan in Hong Kong, referring to Sands China's 6 percent drop late last week after it said it was under investigation by the Hong Kong Securities and Futures Commission. (Additional reporting by Farah Master and Elizio Barreto; Editing by Kim Coghill)
ASIA-PACIFIC MARKETS Pan-Asia..... Japan........ S.Korea.... S.E. Asia........... Hong Kong... Taiwan..... Australia/NZ........ India....... China......
OTHER MARKETS: Wall Street.......... Gold......... Currency.. Eurostocks.......... Oil........... JP bonds... ADR Report......... LME metals.. US bonds... Stocks News US.. Stocks News Europe...
DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Taiwan diary Wall Street Week Ahead Eurostocks Week Ahead World forecasts
TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com
LIVE PRICES & DATA: World Stocks <0#.INDEX> Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt <0#USBMK=> Hong Kong Dollar LME price overview