Hong Kong shares may test 19-month highs
HONG KONG |
HONG KONG Jan 7 (Reuters) - Hong Kong shares may test 19-month highs on Monday, helped by the banking sector after global regulators gave banks four more years to build up cash buffers so they can use some reserves to help struggling economies grow.
The pull-back from an earlier draft of new global bank liquidity rules to help prevent another financial crisis went further than banks had expected.
Last Friday, the Hang Seng Index fell 0.3 percent from Thursday's 19-month high, but posted its best weekly showing in six weeks, rising 2.9 percent. The China Enterprises Index of the top Chinese listings in Hong Kong jumped 4.9 percent despite slipping 0.4 percent on Friday.
Elsewhere in Asia, Japan's Nikkei was down 0.3 percent, while South Korea's KOSPI was down 0.5 percent at 0055 GMT.
FACTORS TO WATCH:
* China has unveiled detailed measures to ease funding pressure on its public housing programme this year, including requiring local governments to allocate enough money and offering loan subsidises for developers.
* Hong Kong-listed property developer Shui On Land Ltd said on Monday it expects its full year 2012 profit to drop significantly due to fewer properties being delivered during the period.
* Lenovo Group Ltd unleashes new Windows 8 touch devices
* Fung Retailing Ltd, a wholly owned unit of the privately held Fung Group, and other partners have acquired a 70 percent stake in South Korean children's apparel maker Suhyang Group, the company said in a statement. The holding company of the Fung Group is privately held Fung Holdings (1937) Ltd, which is also a substantial shareholder of Hong Kong's Li & Fung Ltd .
* Hong Kong billionaire Li Ka-shing, chairman of Cheung Kong (Holdings) Ltd, said on Friday that residential prices in Hong Kong, which houses the world's most expensive apartments, should be stable, rising or falling within 10 percent for the whole of this year.
* Shimao Property Holdings Ltd said it planned to issue U.S. dollar senior notes to refinance its existing debt, to finance its existing and new property development projects.
* China Aoyuan Property Group Ltd said its unit has acquired a piece of land designated for residential and commercial uses in China's Chongqing through public auction for 530 million yuan as it expands its development in the region. For statement, www.hkexnews.hk/listedco/listconews/sehk/2013/0104/LTN2013010411 75.pdf
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