Hong Kong shares may get off to cautious start, US deadlock weigh

HONG KONG Sun Oct 6, 2013 9:09pm EDT

Related Topics

HONG KONG Oct 7 (Reuters) - Hong Kong shares will likely struggle on Monday as investors fret over the lack of progress in resolving the festering U.S. budget standoff.

Mainland Chinese markets will resume trading on Tuesday after a week-long National Day holiday. Data for September money supply and loan growth due from Tuesday will kickstart a fresh batch of China economic data.

On Friday, the Hang Seng Index ended down 0.3 percent at 23,138.5 points, and was also off 0.3 percent for the week. The China Enterprises Index ended flat on Friday and up 0.2 percent for the week.

Elsewhere in Asia, Japan's Nikkei was flat, while South Korea's KOSPI was up 0.1 percent at 0058 GMT.

FACTORS TO WATCH:

* China will replace four coal-burning heating plants in the capital Beijing with natural gas fired ones by the end of next year as it steps up efforts to clean up pollution, the official Xinhua news agency reported on Saturday.

* Hong Kong conglomerate Hutchison Whampoa Ltd's utility Power Assets Holdings is raising a HK$37.5 billion ($4.84 billion) loan to back the spinoff of Hongkong Electric (HKE), bankers told Thomson Reuters Basis Point on Friday.

* Malaysian state investor Khazanah Nasional will pay 486 million ringgit, or $152.1 million, for a stake of 4.95 percent in Beijing Enterprises Water Group Ltd, as it looks to tap into China's booming water treatment sector.

* King Fook Holdings says it expects to incur a loss for the six months that ended Sept. 30.

* Singapore's sovereign wealth fund Temasek and Chinese refiner Sinopec have approached Spanish oil company Repsol over its 4.7 billion euro ($6.4 billion) stake in Gas Natural, the Financial Times reported on Sunday.

* Norilsk Nickel, the world's biggest nickel and palladium producer, is set to trim spending to some $2 billion a year until 2018, with the bulk of that spent on developing lucrative Soviet-era operations in Russia's far north. Norilsk, partially owned by Russian tycoon Vladimir Potanin and aluminium giant Rusal, said nickel output would rise just 2.6 percent by 2018 to as much as 235,000 tonnes.

* China LotSynergy Holdings Ltd said the stock exchange has approved its transfer of listing from GEM board to the main board, and dealing in the shares on the main board will commence on October 16.(Reporting by Clement Tan and Donny Kwok; Editing by Shri Navaratnam)

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