UPDATE 1-HSBC’s HK shares at 3-mth high after H1 results

* HSBC up 2 percent after H1 earnings more than double

* HSBC-majority owned Hang Seng Bank flat after H1 earnings (Adds details, quotes)

HONG KONG, Aug 3 (Reuters) – The Hong Kong-listed shares of HSBC 0005.HKHSBA.L, Europe’s biggest bank, rose to a three-month high after it posted first-half net profit that more than doubled and beat market expectations.

Shares of HSBC rose as much as 2.1 percent to HK$82.75 ($10.74), its strongest intraday level since April 27, before paring gains to rise 1.8 percent by 0218 GMT. By comparison, the benchmark Hang Seng Index .HSI was up 0.6 percent at 21,547.

“Europe is still HSBC’s main core business, but you can see that it’s Asia that is really providing its growth momentum,” said Ivan Li, a banking analyst at Kim Eng Securities.

HSBC on Monday reported a six-month profit of $11.1 billion, beating market expectations and more than double the $5 billion it recorded a year earlier. [ID:nLDE6710RE]

Shares of Hang Seng Bank 0011.HK, which is majority-owned by HSBC, were trading flat at HK$109 by 0207 GMT. Hang Seng Bank said its first-half profit rose about 8 percent to HK$6.96 billion. [ID:nHKF002551]

Further helping market sentiment was BNP Paribas BNPP.PA, the euro zone’s second biggest bank, who said net profit rose 31 percent to 2.1 billion euros ($2.7 billion) in the second quarter, also helped by lower loan provisions.

“It’s too early to say that all the banks are good buys now,” said Kim Eng’s Li. “For now, I would stick with the bigger names like HSBC and Standard Chartered 2888.HKSTAN.L.” (Reporting by Kelvin Soh; Editing by Jacqueline Wong)

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