Hong Kong shares higher on Wall Street after consumer confidence data

HONG KONG (AFX-ASIA) - Share prices were higher in early trade as investors were encouraged by a rebound on Wall Street overnight to buy into the majors such as China Mobile, HSBC and Cheung Kong on short-covering after the recent sell-off, dealers said. 	    They said market sentiment improved to some extent after the U.S. reported better-than-expected March consumer confidence data, which encouraged the view that some of the recent pessimism may have been overdone.	    At 10:42 am, the Hang Seng index was up 205.40 points at 12,913.30 on turnover of 1.87 bln hkd. 	    The Hang Seng March contract last traded at 12,907 points.	    The Hang Seng China Enterprises index was up 8.67 points at 396.24 and the CAC index was up 21.46 points at 1,056.65.	    TraHK was up 0.25 at 13.10 hkd on volume of 1.45 mln units.	    The GEM index was down 0.11 points at 259.43 on turnover of 22.97 mln hkd.	    MTR Corp was up 0.30 at 12.75 hkd.	    Peter Lai, director OCBC Securities, said the current gains mirrored movements on Wall Street.	    "The March consumer confidence data was encouraging, prompting the Wall Street rebound overnight. The development has called some market bears back to cover their short positions," Lai said.	    Lai said short covering was concentrated in majors such as China Mobile, Cheung Kong and HSBC.	    China Mobile rose 1.00 to 35.00 hkd on volume of 3.73 mln shares, further supported by NASDAQ firmness overnight and news it is seeking to acquire 18 mobile phone networks from its parent.	    Cheung Kong added 2.00 to 80.75 on of 2.43 mln shares after chairman Li Ka-shing said the company has proposed to enlarge its issued capital in preparation for future acquisitions.	    HSBC rose 1.75 to 92.25 and Hang Seng Bank gained 0.75 to 91.50. 

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