Hong Kong shares may start flat, headed for 2nd straight weekly gain

HONG KONG, Sept 12 Thu Sep 12, 2013 8:59pm EDT

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HONG KONG, Sept 12 (Reuters) - Hong Kong shares may end the week on a subdued note on Friday as major indexes and Chinese cyclical counters approach technically overbought levels following recent robust gains, while investors also remain wary ahead of next week's Federal Reserve decision on its stimulus programme.

On Thursday, the Hang Seng Index closed up 0.1 percent at 22,953.7 points. The China Enterprises Index of the top Chinese listings in Hong Kong ended flat. They are headed for a second-straight weekly gain, up 1.5 and 2.9 percent, respectively.

Elsewhere in Asia at 0041 GMT, Japan's Nikkei was up 0.2 percent, while South Korea's KOSPI was down 0.2 percent.

FACTORS TO WATCH:

* Sun Hung Kai Properties Ltd, the world's second-largest property company by market value, posted a 14 percent fall in full-year underlying profit, lagging forecasts and marking its first drop in annual earnings due to slow sales in Hong Kong as government cooling measures take a toll.

* Chinese drug company Sino Biopharmaceutical Ltd says it is not aware of any member of the group being investigated by authorities and trading in its shares will resume on Friday.

* Malaysia's water and wastewater engineering firm, Salcon Bhd, is selling its water concessions in China to Beijing Enterprise Water Group Ltd for 518 million ringgit ($158.04 million).

* Wison Engineering Services Co Ltd said Hua Bangsong is still assisting the relevant authorities in China in their investigations and the company has not been informed about the nature and the reasons of the investigations. Contracts with PetroChina Group accounted for 5.6 percent of its total revenue for the six months to June 2013, the company said.

* Tianjin Jinran Public Utilities Co Ltd said it has been informed by its controlling shareholder Tianjin Gas Group Co Ltd that Jin Jian Ping, a former executive director and chairman of the company, is under investigation by the authorities on suspected serious discipline violations during his tenure as chairman of Tianjin Gas.(Reporting by Clement Tan and Donny Kwok; Editing by Shri Navaratnam)

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