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Asian Stocks Track Wall Street's Gains
01 Mar 2011 EST - CNBC.com
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Shanghai shares ended 0.5 percent higher as investors pulled money out of physical real estate and shifted funds to equities.

The benchmark Shanghai Composite Index ended at 2,918.9 points. Chinese shares rose on decent volume suggesting further strength ahead, while markets in Hong Kong struggled to hold gains under pressure from a near 5 percent slide in heavyweight HSBC.

Shares in Hong Kong closed up 0.3 percent.

A tepid earnings report from banking giant HSBC Holdings hit its shares which had seen heavy buying interest in the run-up to the results, sending them as much as 5.1 percent lower to a one-month low.

The broader market managed to hold on to gains. Property developers rose after industry bellwether Sun Hung Kai Properties, Asia's biggest developer by market value, reported a 60 percent surge in first-half profit.

Rival Cheung Kong Holdings, controlled by billionaire Li Ka-shing and said to be planning Hong Kong's first yuan-denominated share offering, was up 4 percent.

Also higher were shares of China Mobile, the telecom giant which has underperformed its rivals China Unicom and China Telecom this year.

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