HK shares up at midday; financials support, HKEx outperforms

* HK shares advance 1.1 percent

* HKEx outperforms, gaining 4.2 pct in strong volume

* Casino operators jump after strong Macau revenue report

* China markets closed for public holiday

(Updates to midday)

By Clement Tan

HONG KONG, April 4 (Reuters) – Hong Kong shares were higher
on Monday in brisk trade, largely supported by financial majors
as news of impending high-profile listings boosted investors
bullishness on Hong Kong Exchanges and Clearing Ltd (HKEx)

HKEx was up 4.2 percent by the midday trading break,
extending a two-session winning streak.

The benchmark Hang Seng Index had gained 1.09 percent
to 24,061.27. Hong Kong’s main stock index gained 2.8 percent
last week and finished the first quarter up 2.1 percent.

“HKEx looks fairly valued at the current price. There’s
still some room on the upside,” said Alan Lam, Greater China
equities analyst at Julius Baer. “We think it could reach 210 in
the next 6-12 months.”

Analysts said investor confidence could also be boosted by
news of Glencore International AG’s impending listing,
tentatively scheduled for mid-April
[ID:nLDE7300Z9][ID:nL3E7F11G0], as several others, including
Prada [ID:nLDE72U1RX] look to do the same.

By midday, trading volume on the benchmark stood at
three-fifths of its 30-day average, lagging HKEx, which recorded
2.4 times its 30-day moving average.

Macau casino operators also jumped on Monday after gaming
revenue surged to a record high, blowing away concerns of a
potential slowdown in the world’s largest gaming market.

Robust demand from gamblers from mainland China helped the
former Portuguese colony post a total of 20.1 billion patacas
($2.5 billion) in March gaming revenue. [ID:nH9E7EL02A]

Wynn Macau Ltd , controlled by casino magnate Steve
Wynn, jumped 9.1 percent, while U.S. billionaire Sheldon
Adelson’s Sands China Ltd had surged 7.8 percent.

“We see the recent correction as a good opportunity to
accumulate,” said Kenneth Fong, analyst at J.P. Morgan in Hong
Kong, referring to Sands China’s 6 percent correction after it
said it was under investigation by the Hong Kong Securities and
Futures Commission.

Markets in China are closed on Monday and Tuesday for a
public holiday.

(Additional reporting by Farah Master; Editing by Chris Lewis)

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HK shares up at midday; financials support, HKEx outperforms