Hong Kong shares may start higher, eye 5th weekly gain

Thu Dec 20, 2012 8:09pm EST

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HONG KONG, Dec 21 (Reuters) - Hong Kong shares may start
higher on Friday and could post a fifth-straight weekly gain,
helped by a bounce on Wall Street after comments from a senior
Republican Party official renewed hopes of a deal that will help
the U.S. avert a fiscal crisis.
    China Machinery Engineering Corporation is
expected to make its listing debut.
    On Thursday, the Hang Seng Index closed up 0.2
percent at 22,659.8, reversing midday losses to stay at its
highest since Aug. 1, 2011, but trading volume was low. 
    Chart resistance is next seen at about 22,800, peaks last
seen in July-August 2011. The benchmark is now up 0.2 percent on
the week.     
    Elsewhere in Asia, Japan's Nikkei was up 1 percent,
while South Korea's KOSPI was down 0.3 percent at 0056
GMT.
    
    FACTORS TO WATCH:    
    * Italian luxury shoemaker Salvatore Ferragamo 
said on Thursday it bought an additional 30 percent in a joint
venture with Chinese partner Trinity Ltd to continue
its expansion in Asia. 
    * The National Council* Commodity trader Trafigura has launched
arbitration proceedings against a unit of China Coal Group for
reneging on a thermal coal contract, an official from the
Chinese state-owned firm said on Thursday.
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