HK shares trim gains to 0.3 pct as HSBC slides

HONG KONG, Jan 14 (Reuters) - Hong Kong shares pared early gains to finish slightly higher after a sharply lowered target price and earnings estimates on HSBC Holdings sent shares in Europe's top bank to their lowest in more than seven years.
Index heavyweight HSBC (0005.HK) tanked more than 4 percent at one point on Wednesday after Morgan Stanley cut its target price by 31 percent to HK$52.
Slumping HSBC shares offset gains in Chinese banking counters after the third equity selldown in a major lender this year eliminated some of the overhang on the sector. [ID:nHKF079859]
The benchmark Hang Seng Index .HSI unofficially closed 0.3 percent or 34.95 points higher at 13,703.00, snapping a six day slide. The index finished well off its early high of 14,019.03
The China Enterprises Index .HSCE of top mainland firms outperformed, climbing 2 percent to 7,224.08.
(Reporting by Parvathy Ullatil; Editing by Jonathan Hopfner) (parvathy.ullatil@thomsonreuters.com; +852 2843-6415))
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