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Hong Kong shares recover from 5-week low, FIH Mobile jumps

Monday, 23 Dec 2013 | 3:07 AM ET

HONG KONG, Dec 23 (Reuters) - Hong Kong shares produced a tepid rebound on Monday from the previous session's lowest close in five weeks, as strength in Macau gambling, Chinese consumer and environmental stocks outweighed losses in the mainland banking sector.

The Hang Seng Index, which closed on Friday at its lowest since Nov. 14, ended up 0.5 percent at 22,921.6 points. The China Enterprises Index of the top offshore Chinese listings in Hong Kong rose 0.2 percent.

Turnover totalled $5.7 billion, the lowest since Sept. 23 and about 28 percent below its 20-day moving average.

Hong Kong will shut at noon on Tuesday for Christmas, and resume trading on Friday. Mainland China markets stay open throughout the week.

While non-banking financials rose on Monday, Chinese banking counters surrendered early gains after the key seven-day repo rate spiked to 9 percent, within range of its all-time high of 11.6217 percent on June 20 - reinforcing the view that the People's Bank of China has shifted to tighter monetary policy.

FIH Mobile jumped 4.8 percent in its biggest daily gain in three weeks after Blackberry announced on Friday a handset production deal with the company.

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