Hong Kong shares close up 0.3pc, above two-month low

Hong Kong shares finished just above a two-month low in choppy Wednesday trade, as strong gains for AIA Group offset weakness in Esprit on a day when corporate earnings came into sharp focus.

The Hang Seng Index closed up 0.3 per cent at 22,577 points after closing on Tuesday at its lowest since December 21. The China Enterprises Index of the top Chinese listings in Hong Kong climbed 0.4 per cent.

The CSI300 of the top Shanghai and Shenzhen A-share listings closed up 1.1 per cent at 2,594.7 after falling to its lowest close since January 17 on Tuesday. The Shanghai Composite Index rose 0.9 per cent.

AIA Group soared 4.1 per cent to a record closing high after Asia’s third-largest insurer posted an 89 per cent growth in 2012 net profit, while announcing plans to open a representative office in Myanmar.

Esprit shed 0.8 per cent, reversing midday gains after posting a far steeper-than-expected loss for the six months ended December as the region’s economic gloom slashed sales, and its new chief said the next six months were likely to be just as grim.

Guangzhou Automobile jumped 6 per cent from Tuesday’s three-month closing low in strong volumes after UBS analysts upgraded their rating on the stock from “sell” to ”neutral,” while raising their target price by 24 per cent.