HK shares seen up on stimulus hopes; refiners eyed

HONG KONG, Dec 8 (Reuters) - Hong Kong shares are seen higher
on Monday on hopes of further market support measures from
central banks across the world and more stimulus measures from
China as its fights to protect its growth rate.

Oil refiners will be watched after China on Friday unveiled a
long-awaited overhaul of its subsidised domestic fuel price
regime, a move that should make petrol cheaper in the short term
and allow for more predictable profits at its state-owned
refiners. [ID:nSP350016]

"There will be worries about whether the government will cut
its subsidies to these refiners after the fuel price reforms.
That should put some pressure on these stocks," said Ben Kwong,
COO with KGI Asia.

The Hang Seng Index .HSI rose 2.5 percent on Friday but
finished the week little changed as higher mortgage rates at
local lenders left property counters reeling.

STOCKS TO WATCH -

* Hong Kong fixed-line provider PCCW (0008.HK) (0008.HK) on
Sunday set a date of Dec. 30 for a shareholder vote on the
privatisation of the company and said Chairman Richard Li had
been cleared to vote for the deal.

China Netcom and Singapore property company PCRD (PCEN.SI)
previously agreed to buy out stockholders for HK$15.941 billion
($2.06 billion). [ID:nHKG326618]

- - - -

* Pacific Century Premium Developments Ltd (0432.HK), a unit
61.5 percent owned by PCCW (0008.HK), said on Monday it had cash
of about HK$1.76 billion as at September 30, 2008. For statement
please see
here

- - - -

* Yanzhou Coal Mining Co Ltd (600188.SS) (1171.HK), China's
No. 3 coal producer, said on Friday it was looking into a number
of overseas assets, but no final decisions have been made.

Shares in Yanzhou which were suspended Friday will resume
trade on Monday.

The statement followed a report in The Australian Financial
Review, citing unnamed sources, that Yanzhou was in talks to buy
coal miner Felix Resources (FLX.AX) for more than A$3 billion
($1.9 billion), sending shares in the Australian miner soaring.

- - - -

* HSBC Holdings (0005.HK)(HSBA.L) said on Sunday it had
created a $5 billion global working fund for small and
medium-sized businesses to help them weather the credit crisis.
[ID:nL6398265]. Some HK$4 billion of the fund has been committed
to supporting firms in Hong Kong, Europe's largest bank said.

- - - -

* Value Partners Group (0806.HK) said late on Friday it was
at a preliminary stage of considering a possible acquisition of a
fund management business but it gave no further details. For
statement please see
here

- - - -

* China WindPower Group (0182.HK) said late on Friday none of
its wind power projects have been put on hold due to difficulties
in obtaining loans. The company said banks are ready to grant
loans to wind power projects and mainland banks are not reluctant
to make loans to firms involved in wind power project development
in China.

For statement please see
here
----------------------MARKET SNAPSHOT @ 2239 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 876.07 3.65% 30.850
USD/JPY JPY= 92.84 0.03% 0.030
10-YR US TSY YLD US10YT=RR 2.714 -- 0.000
SPOT GOLD XAU= 754.6 0.00% 0.000
US CRUDE CLc1 41.74 -4.42% -1.930
DOW JONES .DJI 8635.42 3.09% 259.18
ASIA ADRS .BKAS 83.16 2.86% 2.31
-------------------------------------------------------------

MARKETS SUMMARY
*U.S. stocks up on bargain buying, oil slides [ID:nN05474587]
*Oil drops 5 pct to below $42 on bleak US jobs data[ID:nSP396483]
*Dollar rises as global economic worries deepen [ID:nN05477285]
*Treasuries fall on profit-taking after jobs data [ID:nN05593534]

(Reporting by Parvathy Ullatil; Editing by Keiron Henderson)