Hong Kong shares may post 3rd straight daily loss; Cyprus crisis deepens

HONG KONG, March 20 Tue Mar 19, 2013 8:55pm EDT

Related Topics

HONG KONG, March 20 (Reuters) - Hong Kong shares could suffer a third-straight daily loss on Wednesday as the crisis in Cyprus deepened after the island nation's parliament rejected terms of an European bailout plan.

Corporate earning results will likely be in focus with Tencent Holdings, China Telecom and Guangzhou R&F Properties among companies due to report their 2012 final results later in the day.

On Tuesday, the Hang Seng Index ended down 0.2 percent at 22,041.9, its lowest close since Dec. 4. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.5 percent.

Elsewhere in Asia, South Korea's KOSPI was down 0.9 percent, and Australia's benchmark S&P/ASX 200 index was down 0.9 percent at 0041 GMT. Japan's financial markets are shut on Wednesday for a public holiday.

FACTORS TO WATCH:

* China's biggest refiner Sinopec Corp will process more Iranian crude at its second-largest plant in 2013 than in 2012, a Sinopec official said, but sees no problem finding insurance for the Maoming refinery.

* PetroChina Co Ltd shut down a 90,000-barrel-per-day (bpd) crude distillation unit (CDU) at its largest Dalian refinery for around 40-day maintenance from Monday, an industry source said on Tuesday.

* Brightoil Petroleum has hired a new head of fuel oil trading in Singapore, three months after veteran trader Edmund Lau left the position, sources close to the matter said on Tuesday.

* China's largest independent power producer Huaneng Power International Inc said its 2012 net profit more than quadrupled to 5.5 billion yuan.

* China Shipping Development Co Ltd said its 2012 net profit fell 93 percent.

* A judge in Nevada on Tuesday ruled against Las Vegas Sands Corp's effort to throw out a case against it by a businessman who says he is owed millions of dollars for helping the casino firm get an operating license in Macau. Sands has faced similar claims by others who claimed they helped the company win the concession in Macau, where it operates its properties through Sands China Ltd..

* Lighting products maker NVC Lighting Holding Ltd said it expected to record a significant decrease in profit for 2012 due to increase in product costs and decrease in consumer demand and sales volume.

* Zhejiang Expressway Co Ltd said it would buy a 66.28 percent equity interest in an expressway operator Zhejiang Jinhua Yongjin Expressway Co Ltd for 655.4 million yuan, aiming to increase its market share and competitive position in China's Zhejiang Province.

* Beijing Properties (Holdings) Ltd said it expects to post a significant net loss for 2012 due to substantial decrease in revenue recognized from a residential property project, but said its financial position remained sound with sufficient cash resources.(Reporting by Clement Tan and Donny Kwok; Editing by Shri Navaratnam)

FILED UNDER: