Hong Kong shares seen weaker ahead of China flash PMI
HONG KONG |
HONG KONG Oct 24 (Reuters) - Hong Kong shares were set to start lower on Wednesday after eight straight days of gains, and as investors wait for a preliminary survey of manufacturing activity in China due later in the day.
Earnings continue to be in focus. Anhui Conch Cement , China Overseas Land & Investment, Angang Steel are among companies expected to report third-quarter earnings later in the day.
Hong Kong financial markets were closed on Tuesday for a public holiday. On Monday, the Hang Seng Index rose 0.7 percent to close at 21,697.6, its highest close in 2012.
Elsewhere in Asia, Japan's Nikkei was down 0.8 percent, while South Korea's KOSPI was down 1.2 percent.
FACTORS TO WATCH:
* Manganese Bronze, maker of London's black taxis, said it is set to appoint administrators after failing to secure funding needed to survive, putting hundreds of British jobs at risk. Manganese Bronze had been in talks with its largest shareholders, including China's Geely Automobile Holdings Ltd , to secure a last-minute bailout.
* Upscale leather-goods maker Coach Inc on Tuesday reported strong quarterly sales growth at its North American stores and big gains in China, regaining momentum in two key markets and sending its shares up nearly 7 percent.
* China Coal Q3 net profit fell 22 percent to 2.08 billion yuan.
* China Vanke Co Ltd, the country's largest real estate developer by sales, said its third-quarter profit more than doubled, citing a recovery in the property market.
* Fashion retailer Esprit Holdings Ltd is tapping shareholders for up to HK$5.25 billion ($677 million) to help finance a long-planned multi-billion dollar restructuring.
* GOME Electrical Appliances Holdings Ltd warned on Monday that it expects to report a net loss for the January-September period of between 600 million yuan and 700 million yuan ($95.94 million-$111.93 million).
* China Mobile Ltd, the world's biggest mobile operator by subscribers, posted a 1.3 percent gain in third-quarter net profit, beating estimates slightly, after luring new users to its network with cheap handsets and low call rates.
* China's Dongfeng Motor Group will make advanced dual-clutch transmissions with Germany's Getrag Group, a move that will develop Chinese expertise in the key auto part technology, Xinhua news service reported.
(Reporting by Clement Tan and Donny Kwok; Editing by Edwina Gibbs)
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