24 de octubre de 2014 / 4:48 / en 3 años

China shares rebound from 1-month low, Hong Kong slips on property data

* HSI -0.1 pct, H-shares -0.4, CSI300 +0.2 pct

* China home-price data shows 1st y/y fall since Nov 2012

* Mainland media firms up on good quarterly results

By Kazunori Takada

SHANGHAI, Oct 24 (Reuters) - China stocks rebounded from one-month lows by midday Thursday, shrugging off downbeat property data as investors snapped up some companies with robust earnings.

Hong Kong shares slipped for a second straight day, weighed down by falls in property shares, while gains on the mainland market were limited as sentiment remained fragile amid concerns over the economy.

The Shanghai Composite Index, after hitting a one-month low earlier in the session, was up 0.3 percent to 2,308.9 points at the midday break. The CSI300 of the leading Shanghai and Shenzhen A-share listings edged up 0.2 percent.

For the week, the mainland indexes were down 1.4 percent and 1.7 percent, respectively.

Average home prices in 70 major Chinese cities last month fell 1.3 percent from a year earlier, the first such decline since November 2012, according to Reuters calculations from data published on Friday by the National Bureau of Statistics (NBS).

“Property data had a negative impact on the market but the impact quickly faded away, similar to other data,” said Liu Jingde, an analyst at Cinda Securities in Beijing:

The property sub-index rose 0.4 percent.

Media firms gained after a number of them reported high profit growth for the third quarter. Shares of China Television Media Ltd jumped 8.2 percent while People.cn Co Ltd rose 2.1 percent.

China CNR Corp Ltd extended gains, rising 1.9 percent, after it said was awarded a contract from Massachusetts to build 284 trains for the oldest subway system in the U.S.

Great Wall Motor fell 3.7 percent after China’s biggest maker of sport utility vehicles reported a 22 percent decline in its third-quarter profit. Sales have been hit by a delayed launch of a key vehicle product due to technical glitches, plus increasing competition from foreign rivals.

In Hong Kong, the Hang Seng Index edged down 0.1 percent to 23,300.1 points. The China Enterprises Index of the top Chinese listings in Hong Kong fell 0.4 percent.

For the week, the two indexes were up 1.2 percent and 1.6 percent, respectively.

Linus Yip, chief strategist at First Shanghai Securities in Hong Kong, said the 23,000-level was providing support for the index and he expected shares to push higher after falling about 8 percent since early September.

“I think it may be a good chance to test higher,” he said.

Property shares dropped, with China Resources Land Ltd falling 2 percent, although analysts said more government policies to support the sector were expected.

Kingsoft Corp plunged 8.6 percent after the software maker warned it would have a significant decline in third-quarter operating profit.

China Unicom rose 3.3 percent after posing solid third-quarter earnings.

$1 = 6.1191 Chinese yuan Additional reporting by Shanghai Newroom; Editing by Richard Borsuk

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