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Hong Kong shares seen higher, but set for third weekly loss
HONG KONG |
HONG KONG May 25 (Reuters) - Hong Kong shares were set to start higher on Friday, tracking gains on Wall Street, but the benchmark Hang Seng Index is set for a third-straight weekly loss.
On Thursday, the Hang Seng Index slipped 0.6 percent, while the China Enterprises Index of the top Chinese listings in Hong Kong shed 0.3 percent. This week, they are each down 1.5 and 0.4 percent respectively.
Elsewhere in Asia, Japan's Nikkei was up 0.1 percent and South Korea's KOSPI was up 0.6 percent at 0058 GMT.
STOCKS TO WATCH:
* China's ZTE started selling video conferencing equipment in Britain on Thursday through local distributor Touchline Video UK, its first foray into the video conferencing market in Europe.
* The world's largest luxury carmaker, BMW, said it plans to at least triple production in China to 300,000 vehicles. BMW will boost investment in manufacturing capacity by a half, to a cumulative 1.5 billion euros ($1.89 billion), together with local joint venture partner Brilliance China Automotive Holdings Ltd..
* A fast track into China could be the deciding factor in the race to win backing from shareholders in the London Metal Exchange, making Hong Kong Exchanges and Clearing's bid enticing. InterContinental Exchange and HKEx are the last two on an original shortlist of four to buy the world's biggest metals market place, after the exit on Tuesday of CME Group and NYSE Euronext the week before.
* CNOOC Ltd announced new discovery Luda 21-2 in Bohai and says currently oil production of the well is tested at around 608 barrels per day.
* Hong Kong tycoon Joseph Lau, who faces prosecution over bribery and money laundering in a land deal in Macau, denies allegation against him and shall remain as chairman and chief executive officer of Chinese Estates, the developer said. Department store operator Lifestyle International said the trial of Lau, who is a non-executive director, will not affect its normal business operations.
* Asia Satellite Telecommunications Holdings Ltd said Asia Satellite Management Stock Ownership Trust and AsiaSat MSOT (PTC) Limited have raised their privatisation offer by 6.8 percent to HK$23.5 per share from HK$22 in order to make the proposal more attractive to the independent scheme shareholders. For statement clicks here (Reporting by Clement Tan and Donny Kwok; Editing by Michael Perry)
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