Hong Kong shares set to open weaker as growth worries weigh

HONG KONG, Sept 25 Mon Sep 24, 2012 9:02pm EDT

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HONG KONG, Sept 25 (Reuters) - Hong Kong shares were set to start weaker on Tuesday as worries about global growth following a fall in German business sentiment kept equities in check.

The Hang Seng index, which has risen for each of the past three weeks, closed down 0.2 percent on Monday as investors locked in gains ahead of the quarter-end.

Elsewhere in Asia, Japan's Nikkei was up 0.2 percent while South Korea's Kospi was off 0.2 percent.

STOCKS TO WATCH:

* Hong Kong Exchanges and Clearing Ltd, the world's No.2 exchange operator by market value, said on Tuesday it will increase the volume of its convertible bond issue to $500 million to fund its purchase of the London Metal Exchange. The news came a day after it said it would issue $400 million of convertible bonds to fund the acquisition. [ID: nH9E8JT015]

* Ottawa should pay very close attention to proposals by state-owned foreign companies to take over big Canadian resource firms, a high-profile cabinet minister said on Monday, referring to CNOOC Ltd's bid for oil company Nexen Inc.

* About 2,000 Chinese employees of an iPhone assembly company fought a pitched battle into the early hours of Monday, forcing the huge electronics plant where they work to be shut down. The unrest is the latest in a string of incidents at plants run by Foxconn, the trading name of Hon Hai Precision Industry Co.

* Chinese insurer Ping An is seeking compensation for losses on its investment in failed Belgo-Dutch bank Fortis through an international arbitration body sponsored by the World Bank.

* Hutchison Whampoa said it saw little scope for more concessions to gain Brussels's approval of its agreed 1.3 billion euro ($1.7 billion) takeover of Orange Austria, as it already plans to offer network access to rivals at cost price.

* Italian fashion house Prada SpA dismissed talk of a sharp slowdown in spending on luxury goods, posting a 59.5 percent jump in net profit and saying its sales in the past two months were on track with expectations. (Reporting by Vikram Subhedar; Editing by Eric Meijer)

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