Hk shares seen lower on U.S. worries, higher oil

HONG KONG, Aug 4 (Reuters) - Hong Kong shares are seen moving lower on Monday after bleak jobs data on Friday intensified worries over the health of the U.S. economy.

Adding to concerns, oil closed above $125 a barrel on Friday and inched up to $126 in Asian trade on Monday on concern over Iran's nuclear activities.

U.S. stocks fell on Friday as a $15.5 billion quarterly loss from General Motors (GM.N) and a rise in oil prices fueled fears the economy could slip into recession and concerns about corporate earnings.

Hong Kong shares rebounded from early losses to end 0.6 percent higher on Friday after Chinese President Hu Jintao indicated the country's economic policy was shifting towards sustaining growth.

Hu's calls for growth contrasted with earlier comments where he emphasised the need to curb inflation. [ID:nPEK188899]

Europe's largest bank and Hang Seng Index heavyweight HSBC Holdings (0005.HK) and local unit Hang Seng Bank (0011.HK) are expected to reveal their first half financial performance later today, kicking off the blue chip earnings season in Hong Kong.

STOCKS TO WATCH

* Shandong Chenming Paper Holdings Ltd (1812.HK) said on Monday it estimated net profit for the first half of 2008 would rise 100-150 percent year-on-year, higher than its earlier forecast of a 50-100 percent increase, on rising product prices and more production lines commencing operation. The paper products maker posted a 388.9 million yuan ($56.84 million) profit for the first half of 2007. For details please see here * Guangzhou Automotive Industry Corp may delist its 37.9 percent owned unit Denway Motors (0203.HK) from the Hong Kong bourse through a share buyback after it concludes its long-awaited dual listing in Hong Kong and Shanghai by early November, said the South China Morning Post, citing sources.

* Singapore's Temasek plans to join hands with South Korean private equity fund MBK Partners in the quest for a 45 percent stake in PCCW's (0008.HK) HKT Group Holdings, said the South China Morning Post, citing sources.

* Jiangxi Copper (0358.HK) will buy 90 percent of its parent operation, excluding its financial and future trading operations, in a proposed 2.14 billion yuan asset injection, as mainland regulators have not approved the listed company's plan to buy its parent's financial services business, the South China Morning Post reported, quoting company secretary Pan Qifang. ----------------------MARKET SNAPSHOT @ 2242 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 .SPX 1260.31 -0.56% -7.070 USD/JPY JPY= 107.51 -0.14% -0.150 10-YR US TSY YLD US10YT=RR 3.9404 -- 0.000 SPOT GOLD XAU= 911.45 0.21% 1.900 US CRUDE CLc1 125.89 0.63% 0.790 DOW JONES .DJI 11326.32 -0.45% -51.70 ASIA ADRS .BKAS 141.51 -1.27% -1.82 ------------------------------------------------------------- > SEA Stocks-Lower on U.S. data, weaker earnings [.SO] > US STOCK-Wall Street dips on GM loss, jobs data [.N] > Oil rises on Iranian nuclear concerns [O/R] > FOREX-Dollar rises to 5-wk high vs euro [USD/] > Bonds rise slightly as lower stocks spur safety bid [US/] > Platinum slides on bleak outlook for carmakers [GOL/]

(Reporting by Parvathy Ullatil; Editing by Jonathan Hopfner)