Hong Kong shares rebound from 7-week low in 1st gain in five days

Monday, 28 Oct 2013 | 4:04 AM ET

HONG KONG, Oct 28 (Reuters) - Hong Kong shares snapped a four-day losing streak on Monday, rebounding from seven-week lows on earnings-driven gains for China's two largest insurers and China Oilfield Services.

The Hang Seng Index, which closed last week at its lowest since Sept. 6, ended up 0.5 percent at 22,806.6 points. The China Enterprises Index of the top Chinese listings in Hong Kong rose 0.8 percent.

The gains were the first for both indexes in five sessions and came in the weakest full-day turnover in more than two months at the start of a busy week that ends with China's October manufacturing purchasing managers index on Friday.

Along with more quarterly earnings, investors will also be waiting to see if the Chinese central bank injects cash at its scheduled open market operations on Tuesday and Thursday.

There have been no injections in the past three sessions despite rising month-end demand. Short-term money rates had spiked last week to their highest since a dramatic cash crunch in late June, though they eased slightly on Monday.

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