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Hong Kong shares close up 1 pct, post second monthly gain in row

HONG KONG, Oct 31 (Reuters) - Hong Kong shares closed out a second-straight monthly gain on Wednesday, bouncing off a near two-week low after Industrial and Commercial Bank of China (ICBC), the country's largest bank, posted third-quarter earnings that beat expectations.

The Hang Seng Index closed up 1 percent on the day and 3.8 percent in October at 21,641.8. The China Enterprises Index of the top Chinese listings in Hong Kong rose 1.2 percent on the day and 7.6 percent on the month.

In the mainland, the CSI300 Index of the top Shanghai and Shenzhen listings rose 0.7 percent, but was down 1.7 percent in October. The Shanghai Composite Index rose 0.3 percent, but lost 0.8 percent on the month.

HIGHLIGHTS:

* ICBC jumped 2 percent in Hong Kong after posting late on Tuesday a better-than-expected 15 percent rise in quarterly net profit as interest margins widened due to increased demand for credit.

* PetroChina shed 2 percent after the Chinese oil giant saw third-quarter profit tumble 33 percent, a bigger drop than expected.

* Offshore Chinese plays have outperformed onshore peers for five straight months. The Hang Seng Index A/H premium index has been under 100 for almost two weeks, suggesting the premium that onshore shares trade over their offshore peers is now wiped out. It closed at its lowest since June 2011 on Thursday.