Hong Kong shares set for 1st weekly gain in 7 weeks

HONG KONG, June 28 Thu Jun 27, 2013 8:58pm EDT

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HONG KONG, June 28 (Reuters) - Hong Kong shares may snap a six-week losing streak on Friday, their longest series of weekly losses in a year, on easing fears of an early end to U.S. monetary stimulus, though investors remained cautious about recently volatile Chinese markets.

On Thursday, the Hang Seng Index ended up 0.5 percent at 20,440.08 points, its highest close in a week. The China Enterprises Index of the top Chinese listings in Hong Kong finished down 0.1 percent. On the week, they are up 0.9 and down 0.9 percent respectively.

Elsewhere in Asia, Japan's Nikkei was up 1.8 percent, while South Korea's KOSPI was up 1 percent at 0051 GMT.

FACTORS TO WATCH:

* HSBC's private bank in Switzerland is "dramatically" cutting its North Africa and Israel teams after a former employee was convicted of laundering money for Moroccan drug dealers, it said.

* A Chinese wind turbine maker, Sinovel Wind Group Co. Ltd , was charged with stealing trade secrets from U.S. company AMSC, the U.S. Department of Justice said on Thursday.

* China Construction Bank Corp will integrate its Hong Kong branch with its local subsidiary in the territory, China Construction Bank (Asia) Corp Ltd, the bank's chairman Wang Hongzhang said.

* Property deeloper Fantasia Holdings Group Co Ltd said it would buy a 69.5 percent stake it did not already own in Ningbo Century Huafeng Real Estate Ltd and a shareholder's loan for 480 million yuan in a bid to enhance its market position in China's Ningbo.

* Dynasty Fine Wines Group Ltd said it expected to record a greater unaudited consolidated loss for the six months ending in June due to a decrease in sales volume and weaker demand for domestic wine products amid slower economic growth in China, and an increase in distribution costs.(Reporting by Yimou Lee and Donny Kwok; Editing by Kim Coghill)

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