* HSI, H-shares index both up 0.2 pct, turnover muted
* CSI300 up 0.2 pct, Shanghai Comp up 0.1 pct
* HSBC sheds 0.8 percent on UK tax probe report
By Vikram Subhedar
HONG KONG, Nov 12 Hong Kong shares rose slightly
after last week's slump, buoyed by gains in property developers,
although worries about the U.S. fiscal cliff kept trading
Data released on Monday showed new loans at Chinese banks in
October came in below expectations, putting pressure on shares
of the big banks, although total social financing - a broader
gauge of monetary conditions in the economy - rose.
By the midday trading break on Monday, the Hang Seng index
was up 0.2 percent at 21,421.4 while the China
Enterprises index rose 0.3 percent.
In China, the CSI300 of the top Shanghai and
Shenzhen listings rose 0.2 percent while the Shanghai Composite
rose 0.1 percent.
"With the U.S. presidential election now out of the way, the
market is now keeping an eye on how the U.S. Congress is going
to handle the threat of a looming 'fiscal cliff'," said Angus
To, an analyst at ICBC International in Hong Kong.
Hong Kong stocks shed more than 3 percent last week despite
economic data from China which pointed to a recovery as
investors locked in profits after a rally that had lifted the
Hang Seng to a 15-month high earlier this month.
China's ruling Communist Party is in the midst of its
once-in-a-decade leadership transition where leaders have
stressed the need for financial and economic reform.
The 18th National Congress has so far signaled a
continuation of current policies and therefore done little to
surprise the market, said To.
Developers were the best performing sector in Hong Kong with
a sub-index of property shares up 0.7 percent. China
Overseas Land rose 1.7 percent while local bellwether
Cheung Kong Holdings was up 0.9 percent.
Those gains helped offset weakness in index heavyweight HSBC
Holdings, which fell 0.8 percent as its share price
remained on the backfoot following a report that the bank was at
the centre of an investigation by British tax authorities.
HSBC shares, which gained nearly 14 percent in the prior two
months, are down 3.4 percent this month.
Financials were also weak in mainland markets following the
new loans data, with shares of China's biggest banks
underperforming the broader market.
Bank of China fell 0.7 percent while Industrial
& Commerical Bank of China, the world's most
valuable bank, shed 0.3 percent.