HK shares seen higher amid recovering turnover
HONG KONG |
HONG KONG Jan 5 (Reuters) - Hong Kong shares are expected to move higher on Monday as markets across the region reopen after the holidays and after Wall Street started the year with a strong rally on Friday.
A likely firm start on the Shanghai bourse on the first trading day of the year for the mainland market is expected to push shares in locally-listed Chinese companies higher.
Climbing crude oil prices due to rising tensions in the Middle East are expected to support resource stocks on Monday.
The benchmark Hang Seng Index .HSI kicked off the year on a strong note with a 4.6 percent rally on Friday to finish above 15,000 points.
Brokers expect a pullback after the main index hits 15,800 points with worries over a slowing economy and shaky corporate bottom lines limiting gains.
STOCKS TO WATCH-
* Hutchison Whampoa's (0013.HK) port operation arm Hutchison Port Holdings may lose a HK$4 billion Ecuador port project, said the South China Morning Post, after the country's president Rafael Correa said in a weekly radio broadcast that the firm could not meet an investment timetable for the Manta cargo port.
* Shui On Construction and Materials Ltd (0983.HK) said late on Sunday its results for 2008 would be adversely affected by a diminution in fair value of its 9.46 percent stake in Shui On Land (0272.HK) held for sale. Based on the closing price of HK$2.45 a share for Shui On Land shares as at the end of 2008, diminution in fair value amounted to HK$1.6 billion when compared with the carrying value of the shares at June 30, 2008. For a statement please see here
* Chinese property firm Greentown China Holdings (3900.HK) said late on Friday its net profit may decrease in 2008 due to a delay in the construction schedule of a number of property development projects, a slowdown in China's property market in 2008 which adversely affected the sales performance of certain projects, and a rise in finance charges resulting from an increase in bank borrowings by the company. For a statement please see here ----------------- MARKET SNAPSHOT @ 0004 GMT ------------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 931.80 3.16% 28.550
USD/JPY JPY= 92.00 0.02% 0.020
10-YR US TSY YLD US10YT=RR 2.377 -- 0.015
SPOT GOLD XAU= $882.25 1.04% 9.050
US CRUDE CLc1 n/a n/a n/a
DOW JONES .DJI 9034.69 2.94% 258.300
ASIA ADRS .BKAS 97.87 2.98% 2.83 --------------------------------------------------------------- > Wall Street starts new year with strong rally [.N] > Oil up 4 percent on Mideast, Russia tensions [O/R] > Dollar rises to 3-week high versus yen, euro falls [USD/] > Bonds plunge as soaring stocks erode safe-haven bid [US/] > Gold drops but physical demand, tensions support [GOL/]
(Reporting by Parvathy Ullatil; Editing by Jacqueline Wong)
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