Hong Kong shares seen weaker ahead of Dragon Boat holiday

HONG KONG, June 11 Mon Jun 10, 2013 9:06pm EDT

Related Topics

HONG KONG, June 11 (Reuters) - Hong Kong shares were set to start lower on Tuesday after Wall Street ended little changed, with turnover seen light ahead of the Dragon Boat Festival holiday on Wednesday.

On Monday, the Hang Seng Index inched up 0.2 percent at 21,615.09 points after closing last Friday at its lowest since April 18. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.6 percent.

Elsewhere in Asia, Japan's Nikkei was flat, while South Korea's KOSPI was down 0.6 percent at 0056 GMT.

FACTORS TO WATCH:

* Sinopec Engineering has signed a contract worth $1.85 billion with Kazakhstan Petrochemical Industries to help build propane dehydrogenation and polypropylene units, it said in a statement to the Hong Kong stock exchange on Monday.

* Swiss commodities trader Glencore confirmed on Monday the Italian tax authorities were reviewing some transactions between its plant in Portovesme and Glencore. It said all transactions were conducted in accordance with applicable Italian tax laws.

* Standard Chartered plans to expand its transaction banking business to capture global trade flows that are increasingly shifting east, a senior executive said.

* GOME Electrical Appliances Holdings Ltd, backed by private equity firm Bain Capital, said on Monday it expects its e-commerce business to turn a profit in 2014.

* Shoes maker Yue Yuen Industrial (Holdings) Ltd said its net consolidated operating revenue for May amounted to $687.2 million, bringing the total in the first five months of 2013 to $3.04 billion.

* Footwear retailer Le Saunda Holdings Ltd said its self-owned retail business recorded a 14.7 percent same store sales growth for the three months that ended in May.

It said it operated a retail network covering 991 outlets in mainland China, Hong Kong and Macau, representing a net increase of 68 outlets from a year ago.(Reporting by Clement Tan and Donny Kwok; Editing by Eric Meijer)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

A tourist takes a plunge as she swims at Ngapali Beach, a popular tourist site, in the Thandwe township of the Rakhine state, October 6, 2013. Picture taken October 6, 2013. REUTERS/Soe Zeya Tun (MYANMAR - Tags: SOCIETY) - RTR3FOI0

Where do you want to go?

We look at when to take trips, budget considerations and the popularity of multigenerational family travel.   Video