HK stocks seen lower, resources plays in focus

HONG KONG, April 10 (Reuters) - Hong Kong stocks are set to
fall on Thursday as record high oil prices and IMF comments that
the U.S. economy is headed for recession this year fuel concern
about the outlook for corporate profits and the global economy.

Shares in resources companies will be in focus after crude
surged above $112 a barrel, while gains in gold and copper prices
after the dollar reversed its strength could boost miners.

"The market is in consolidation. It will open lower, tracking
overseas markets, but it also highly depends on the domestic
A-share market," said Patrick Yiu, associate director of CASH
Asset Management.

China's main stock index slid more than 5 percent on
Wednesday as large caps were sold after the market retreated from
technical resistance, dragging down Chinese stocks in Hong Kong.

"But I didn't hear any negative news about A-share market. If
it rebounds today, it will be positive to the Hong Kong market."

He expects the market to trade between 23,700 and 24,200.

The benchmark Hang Seng index .HSI fell 1.4 percent to
23,984.57 on Wednesday.

The China Enterprises Index of Hong Kong-listed mainland
firms .HSCE, or H shares, fell 2.52 percent to 12,863.80.

STOCKS TO WATCH:

* Industrial and Commercial Bank of China (1398.HK: Quote, Profile, Research, Stock Buzz)
(601398.SS: Quote, Profile, Research, Stock Buzz), the country's biggest bank, estimated its net profit
in the first quarter of this year rose at least 50 percent.

In the first quarter of last year, ICBC made a net profit of
18.71 billion yuan ($2.7 billion) under domestic accounting
standards. [ID:nSHA186633]

* China Coal Energy (1898.HK: Quote, Profile, Research, Stock Buzz) said its 2007 earnings rose
more than 89 percent to 6.02 billion yuan as coal demand remained
strong while domestic and international coal prices hovered at
high levels. For details please see
here

* Cathay Pacific Airways Ltd (0293.HK: Quote, Profile, Research, Stock Buzz), Hong Kong's dominant
airline, is not interested in acquiring budget carrier Oasis Hong
Kong Airlines, Cathay Pacific's chief executive said on Wednesday.

Oasis said on Wednesday it had halted flights and would go
into liquidation after just 17 months in the air as record high
fuel prices and stiff competition triggered heavy losses.
[ID:nN09373182]

* China's Huadian Energy Co (1071.HK: Quote, Profile, Research, Stock Buzz) said it generated 60.2
percent more power in the first quarter as it raced to feed a
rapidly expanding economy.

* China Communications Construction Co Ltd (1800.HK: Quote, Profile, Research, Stock Buzz), the
country's top infrastructure builder, aims to boost its profit
margins in 2008 by beefing up higher yield contracts and
investment projects, and through cost controls.

The firm, which is involved in infrastructure construction
and design, dredging and port machinery business, reported a
forecast-beating 55 percent rise in second-half earnings.
[ID:nHKG133484]

* Property investment group Pacific Century Premium
Developments (0432.HK: Quote, Profile, Research, Stock Buzz) said it was in talks to sell its interest
in Pacific Century Place, a commercial and residential complex
with 4 towers and a shopping mall in Beijing. For details please
see
here

FACTORS TO WATCH:
* Nikkei .N225 slip, exporters edge down on yen [.T]
* U.S. stocks declines on higher oil, UPS warning [.N]
* STOCKS NEWS ASIA-Market factors, main events [STXNEWS/ASIA]
* Oil roars to record over $112 on US inventory drop [O/R]
* Dollar falls broadly before ECB rate meeting [USD/]
* For upcoming Hong Kong events, click on [HK/DIARY]
* For Hong Kong press digest, click on [PRESS/HK]

KEY HK ADR MOVERS (by % change)

TomoTherapy (TOMO.O: Quote, Profile, Research, Stock Buzz) +0.6

HSBC Holdings (HBC.N: Quote, Profile, Research, Stock Buzz)(0005.HK: Quote, Profile, Research, Stock Buzz) +0.1

Semiconductor Mfng (SMI.N: Quote, Profile, Research, Stock Buzz)(0981.HK: Quote, Profile, Research, Stock Buzz) -0.3

China Mobile (HK) (CHL.N: Quote, Profile, Research, Stock Buzz)(0941.HK: Quote, Profile, Research, Stock Buzz) -0.8

Hutchison Telecom (HTX.N: Quote, Profile, Research, Stock Buzz)(2332.HK: Quote, Profile, Research, Stock Buzz) -2.1
(US$1=HK$7.8)
(Reporting by Judy Hua; Editing by Anne Marie Roantree)