Hong Kong stocks close 0.46% higher

HONG Kong shares ended 0.46 per cent higher Wednesday, snapping a three-day losing streak as the US earnings season got off to an upbeat start.

The benchmark Hang Seng Index rose 107.28 points to 23,218.47 on turnover of HK$75.47 billion ($A9.32 billion).

The index bounced back from profit taking which set in after it hit a 19-month high on Thursday.

"Since the local market has already accumulated substantial gains, the recent profit-taking activity ... was well anticipated," said Ben Kwong, chief operating officer at KGI Asia.

While Wall Street ended lower, Asian markets were mostly up after US aluminium giant Alcoa kicked off the earnings season announcing a profit of $US242 million in the three months to December, compared with a year-earlier loss of $US191 million.

The company also stayed in the black for the full year, despite aluminium prices falling 12 per cent.

Among gainers in Hong Kong, China Resources Power rose 3.6 per cent to $HK19.98 after falling 3.8 per cent in the past two sessions, while port investor China Merchants Holdings rose 2.6 per cent to $HK25.75 after a two-day 3.3 per cent fall.

And Macau casino operator MGM China jumped 7.0 per cent to $HK15.68 after winning approval to build a new resort in the gaming city.

However, HSBC lost 0.1 per cent to $HK82.65 on news its $US9.4 billion deal to sell its multibillion-dollar stake in Ping An Insurance may be in danger of collapse while Ping An gained 0.88 per cent to $HK68.75.

Chinese regulators were ready to reject the bid from Thai conglomerate Charoen Pokphand Group over concerns about funding for the bid, the South China Morning Post reported.

Chinese shares ended flat. The benchmark Shanghai Composite Index edged down 0.73 points to 2275.34 on turnover of 102.8 billion yuan.

Investors stayed on the sidelines ahead of the release later this week of trade and inflation data they hope will provide more clues to the state of the economy as it shows signs of emerging from its recent slowdown.

Ping An Insurance shed 0.86 per cent to 45.07 yuan.

Bank of Communications dropped 1.41 per cent to 4.91 yuan and Haitong Securities fell 1.0 per cent to 9.93 yuan.

Coal miners rose. Yunnan Yunwei surged by its 10 per cent daily limit to 4.68 yuan and Yangquan Coal Industry gained 3.54 per cent to 14.62 yuan.

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