HK shares fall, Shanghai flat; debutant Evergrande gains

* Hong Kong tracks losses in other Asian markets

* China shares extends gains on positive outlook

* Evergrande rises on Hong Kong market debut
(Updates to midday)

By Jun Ebias and Claire Zhang

HONG KONG/SHANGHAI, Nov 5 (Reuters) - Hong Kong shares fell
on Thursday as losses in other Asian markets prompted investors
to pocket gains, while shares in Shanghai extended gains on rosy
for the economy and corporate earnings.

China's key stock index edged up 0.09 percent, rising for a
fifth session, with shares in Shanghai-based companies up as
details emerged about a planned Disney theme park there.

In Hong Kong, the benchmark Hang Seng Index .HSI had shed
0.91 percent or 196.46 points to 21,418.31 by midday, retreating
from a 1.76 percent gain in the previous session.

While turnover improved to HK$35.71 billion ($4.6 billion),
from midday Wednesday's HK$33.33 billion, it was still below last
Thursday's HK$47.68 billion, as most investors were sidelined
before U.S. jobless data due on Friday.
"We probably will move between 21,000 and 22,000 points for
quite some time," said Alex Wong, director at Ample Finance
Group. "The bulls and bears will probably continue to bet within
this range because there are no fresh incentives to break out of
it."

Chinese developer Evergrande Real Estate (3333.HK: Quote, Profile, Research) rose 13.1
percent during its market debut. Tuesday's debutant Trinity
(0891.HK: Quote, Profile, Research), a fashion retailer, was up 1.28 percent.

Hong Kong developers remained under selling pressure on
concerns the government may impose more measures to cool property
prices, crimping profits. Henderson Land (0012.HK: Quote, Profile, Research) fell 2.04
percent and Sung Hung Kai Properties (0016.HK: Quote, Profile, Research) was down 1.9
percent.

Swire Pacific (0019.HK: Quote, Profile, Research) slipped 4.35 percent on profit
taking. The conglomerate surged in previous sessions after news
of its plan to spinoff and list its property unit on the
mainboard. [ID:nHKG152788]

Bank of East Asia (0023.HK: Quote, Profile, Research) rose 2.96 percent on a rosy
earnings outlook. Phillip Securities said in a note that the
lender's net interest margin may rise in 2010, driven by loan
expansion in China and higher interbank rates in Hong Kong.

The China Enterprise Index .HSCE of top locally listed
mainland Chinese stocks fell 0.42 percent to 12,776.19.

Advertising company Media China (0419.HK: Quote, Profile, Research) was down 3.64
percent. The company said it planned to raise up to HK$357.6
million ($46.14 million) by selling 7.4 billion rights shares.

Bucking the trend, AviChina Industry & Technology (2357.HK: Quote, Profile, Research)
advanced 13.65 percent. The company said it was in a 2.37 billion
yuan ($347.2 million) asset swap with a controlling shareholder.

China Unicom (0762.HK: Quote, Profile, Research) gained 3.98 percent, extending
Wednesday's 2.55 percent rise after it said it had signed up more
than 1 million 3G subscribers.

Dongfeng Motor Group (0489.HK: Quote, Profile, Research) rose 3.42 percent. On
Wednesday, the Chinese carmaker advanced 12.27 percent after
reporting a 4.63 billion yuan net profit for the first nine
months of 2009.

Citi raised its target price on the stock to HK$12.60 from
HK$10.15, with a "buy" rating.

Other Chinese carmakers also gained. Geely Automobile
(0175.HK: Quote, Profile, Research) was up 3.53 percent. China is the world's largest
automotive market and according to JD Power, sales will reach 8.2
million cars in 2009 and 12 million by 2016. [ID:nL224198]

SHANGHAI EDGES UP

The Shanghai Composite Index .SSEC ended the morning at
3,131.259 points, after climbing to its highest intraday level
since Aug. 12.

Losing Shanghai A shares outnumbered gainers by 461 to 400 as
some investors took profit, while turnover was at 81 billion yuan
($12 billion), down from Wednesday midday's 86 billion yuan.

"The pace of the rise has eased after the index's rally
earlier this week and with subscriptions to be taken for
Merchants Securities' initial public offering next week," said
Qian Xiangjing, senior analyst at CITIC-Kington Securities in
Hangzhou. "But confidence in economic recovery and a likely major
improvement in fourth-quarter earnings could lift the index
higher."

He pegged a near-term range for the index between its 10-day
moving average, now at 3,068 points, and 3,200 points.

The 14-day Relative Strength Index is at 61, not far from the
overbought mark of 70.

The market drew support from comments by Chinese officials on
Thursday reaffirming the country's pro-growth policy stance even
as the pace of recovery gathers steam. [ID:nPEK132473]

Shares that may benefit from plans for a Shanghai Disney
theme park were firmer.

The China Securities Journal reported that a Chinese property
developer won a bid for a plot of land close to the proposed park
in an auction on Wednesday at a price of 1.19 billion yuan
($174.3 million), or more than 14,000 yuan per square metre,
nearly four times the base price.

Shanghai Wai Gaoqiao Free Trade Zone Development (600648.SS: Quote, Profile, Research)
gained 6.17 percent to 19.10 yuan, while Shanghai-based China
Eastern Airlines (600115.SS: Quote, Profile, Research) and Shanghai Airlines (600591.SS: Quote, Profile, Research)
raced up their 5 percent daily limit.

Shanghai Jinjiang International Hotels Development
(600754.SS: Quote, Profile, Research) rose 3.44 percent to 22.54 yuan, Shanghai Pudong Road
and Bridge Construction (600284.SS: Quote, Profile, Research) jumped 5.21 percent to 15.34
yuan and Shanghai Construction (600170.SS: Quote, Profile, Research) climbed 5.31 percent
to 16.87 yuan.
(Editing by Chris Lewis)