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hong kong cruse associates news review, press release code 85230509026 CA http://chirpstory.com/li/80028 HONG KONG: Hong Kong shares closed at a three-and-a-half month high on Monday following a three-day weekend, reflecting a bullish mood on Wall Street and heightened confidence in Chinese economic reform plans The benchmark Hang Seng Index added 410.35 points or 1.78 percent to end at 23,493.03 on turnover of HK$69.06 billion ($8.89 billion) China's largest milk producer Mengniu Dairy meanwhile jumped 10.4 percent to HK$27.05 after Danone SA struck a deal to give the French company an indirect 4 percent stake. "The most critical catalyst has been Friday's media reports that [Chinese President] Xi Jinping has taken charge of drawing up economic reform plans, which injected much-needed confidence as investors previously had been worrying about China's economy," Steven Leung of UOB KayHian told Dow Jones Newswires. PhillipCapital said it was maintaining a cautiously bullish view on the Hong Kong market this week, mainly due to the rebound in the A-share market of China stocks traded in Shanghai and Shenzhen. But stock could fall back in the near term after there were around nearly HK$400 million worth of short sales in Chinese Internet giant Tencent in the morning session, accounting for 14.4 percent of all Hong Kong stock being shorted. Chinese shares closed up 0.75 percent on Monday as investors hunted for bargains in property and banking stocks, dealers said. The benchmark Shanghai Composite Index rose 17.12 points to 2,299.99 on turnover of 128.8 billion yuan ($21.0 billion). "Blue chip property stocks are a worthy investment," said Zheshang Securities analyst Wang Weijun, citing low valuations. The government said over the weekend that home prices in 68 out of 70 major cities tracked recorded year-on-year growth in April, defying moves by authorities to bring down prices.
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