Overnight MarketWatch--Hong Kong m arkets

Hong Kong shares rebounded from early losses after the Chinese President indicated the country's economic policy was shifting towards sustaining growth. Banks took the lead as investors saw the comments as an indication of an ease in China's aggressive credit tightening stance.

The Hang Seng Index closed up 131.50 points, or 0.6 per cent at 22862.60.

China Construction Bank rose 1.5 per cent and Hang Seng Bank jumped 3.1 per cent, while top insurer China Life gained 1.3 per cent.

However, Bank of East Asia lost 2.4 per cent as analysts predicted weak earnings growth.

Aluminum Corp of China also underperformed the broad market with a 3.6 per cent drop after it cut its spot alumina price by 8.6 per cent.

China Shipping Container Lines tumbled 5.5 per cent to a 15 month low after Lehman Brothers slashed its target price on the stock.

CNOOC, China Coal Energy and China Shenhua Energy gave up 0.9 per cent, 2 per cent and 1.4 per cent respectively.

The Overnight MarketWatch report is provided by SHAW Stockbroking's egoli - simple but informative market news for the everyday investor.

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