HK shares seen down on U.S. economic worries

HONG KONG, Nov 2 (Reuters) - Hong Kong stocks are seen lower
on Monday, after posting their biggest one-day gain in six weeks
on Friday, as lower U.S. consumer spending and gloomy sentiment
renewed fears about the strength of the economic rebound.

Commodity shares such as PetroChina (0857.HK) and Jiangxi
Copper (0358.HK) will be in focus after oil and copper prices
dropped. Consumer exporter Li & Fung (0494.HK) may also be under
pressure on U.S. economic worries. [ID:nN30304141]

"Hong Kong will strictly follow the U.S. stock market's
performance," said Conita Hung, research head at Delta Asia
Financial Group. "Financial and commodity-related stocks will
probably fall. There are still questions about the U.S. economic
recovery."

U.S. shares fell on Friday, with the Dow industrial posting
its worst slide since July, on concerns the economic recovery is
not strong enough to sustain gains. [ID:nN30437359]
[ID:nN30482062]

The benchmark Hang Seng Index .HSI closed up 2.3 percent on
Friday, but for the week, the index was down 3.7 percent, its
biggest weekly drop since June.

Caution will also rule the market ahead of the Federal
Reserve meeting, Hung said. While the Fed is seen keeping rates
steady, investors will be eyeing its post-meeting statement on
interest rates and the economic outlook, she added.
[ID:nN01437140]

STOCKS TO WATCH:

* China's offshore oil and gas specialist CNOOC Ltd (0883.HK)
has struck a new oil find in Bohai Bay offshore north China,
official Xinhua News Agency reported on Sunday. [ID:nPEK83751]

* Digital China Holdings (0861.HK) and its affiliates are in
talks to invest about $56 million in Japanese systems developer
SJI Inc (2315.Q), the Nikkei newspaper said. [ID:nT249661]

* Esprit Holdings Ltd (0330.HK) said it had appointed Ronald
Van der Vis as the group chief executive officer with effect from
Nov. 1 and Heinz Jurgen Krogner-Kornalik had stepped down from
the position but would remain as executive chairman. The firm
separated the roles of the Chairman and Group Chief Executive
Officer to comply with corporate governance requirements, it
said. For statement please click
here

* China Power International (2380.HK) said the National
Development and Reform Commission had approved its plan to build
a coal-fired generation unit in Sichuan province with investment
amounting to 4.8 billion yuan. The investment would be financed
by shareholders' funds and borrowings. For statement please click
here

* COSCO Pacific (1199.HK) said Wang Zhi resigned as an
executive director and deputy managing director of the
company with effect from Nov 1 due to a change of job assignment.
For statement please click
here

----------------------MARKET SNAPSHOT @ 2309 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1036.19 -2.81% -29.920
USD/JPY JPY= 89.8 0.14% 0.130
10-YR US TSY YLD US10YT=RR 3.3884 -- 0.000
SPOT GOLD XAU= 1042.05 -0.23% -2.350
US CRUDE CLc1 76.78 -0.29% -0.220
DOW JONES .DJI 9712.73 -2.51% -249.85
-------------------------------------------------------------
> Wall St tumbles on recovery jitters, financials [.N]
> Dollar, yen rally on shift to safe haven [USD/]
> Bonds climb as economic worry sparks safety bid [US/]
> Gold drops amid sharp equities sell-off [GOL/]
> Oil falls more than 3 percent on economic woes [O/R]

(Reporting by Jun Ebias; Editing by Jonathan Hopfner)