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HONG KONG | Mon Oct 10, 2011 4:20am EDT
HONG KONG Oct 10 (Reuters) - Hong Kong shares bounced back from significant losses in the last 10 minutes of trade on a report that Huijin, the domestic investment arm of China's sovereign wealth fund, was buying shares of the top four mainland banks in its first such move since the 2008 financial crisis.
The Hang Seng index closed flat at 17,771.1 after trading as much 1.5 percent lower shortly before the close. The The China Enterprises index still closed down 0.2 percent with shares of metals producers dragging the index.
On the mainland, the Shanghai Composite , which closed before the Huijin news was out, fell to its lowest level in 2-1/2 years even as volume slumped to a 33-month low as news of weak property sales sapped investors confidence.
* Mainland banking shares, hammered by worries over bad loans and government tighening all year, surged in the final minutes of Hong Kong trading on what traders said was a spurt of knee-jerk short-covering. Mainland banking shares, amongst the most liquid stocks in Hong Kong, have become one of the most popular ways for investors bearish on China or for those looking for a relatively cheap way to hedge long China portfolios. ICBC closed up 1 percent while Bank of China shares rose 2.1 percent.
(Reporting by Vikram Subhedar; Editing by David Chance)
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