HONG KONG, April 23 (Reuters) - Hong Kong stocks are expected
to fall on Wednesday, tracking overseas losses, as record oil
prices and worries about inflation and weak consumer spending in
the United States are likely to trigger selling.
But oil producers should gain after crude prices climbed near
$120 a barrel, said Alex Tang, research director at Core
Pacific-Yamaichi International.
"Investors will find Tuesday's market rebound just followed
the reversal of the A-share market and was sentiment driven," he
added.
The benchmark Hang Seng Index .HSI rose 0.9 percent to
close at 24,939.15 on Tuesday after a technical rebound in
mainland shares in Shanghai helped to erase more than 1 percent
early losses.
The China Enterprises Index of Hong Kong-listed mainland
companies .HSCE, or H shares, finished up 3.1 percent.
STOCKS TO WATCH:
* China Merchants Bank (3968.HK), China's sixth-largest
lender, on Tuesday posted a 157 percent rise in its quarterly net
profit to 6.3 billion yuan ($901 million) based on Chinese
accounting standards due to net interest margin expansion.
[ID:nHKF079109]
* China Railway Group (601390.SS)(0390.HK) said it plans to
set up a joint venture to invest in a copper and cobalt mining
project in Congo that needs total investment of $2.9 billion. For
story please read [ID:nSHA296730]
Huaneng Power International (0902.HK) on Tuesday posted a 90
percent fall in first-quarter earnings on surging coal costs.
[ID:nHKG292999]
China COSCO Holdings (1919.HK)(601919.SS), the listed
flagship of the country's premier shipping conglomerate, said
late on Tuesday its 2007 earnings jumped 134.9 percent as China's
heavy demand for raw materials helped lift freight rates for dry
bulk ships to records.
For result details please read
here
The company also said it plans to spend $2.3 billion to build
in 8 container vessels and 17 dry bulk cargo ships.
For full statement please read
here
* San Miguel Brewery (0236.HK) posted a HK$262.38 million
loss for 2007, compared with HK$70.14 million loss a year ago as
a reduction of excise duty of both beer and wine encouraged
growing preference for wine challenging its share of the
alcoholic beverage market. For full statement please click
here
* Angang Steel Co (0347.HK) said it would buy land use rights
of a parcel of land for use by its Bayuquan project at Bayuquan
Port in Liaoning province from controlling shareholder Angang
Holding in a deal worth 1.27 billion yuan. For details please see
here
* Foxconn International Holdings Ltd (2038.HK) said its
profit attributable to equity holders rose to US$721.42 million
in 2007 from US$718.04 million a year ago. For details please see
here
* Jiangxi Copper (0358.HK) said its profit for the first
quarter of 2008 rose 46.92 percent year-on-year to 1.26 billion
yuan. The results were unaudited and prepared in accordance to
Chinese accounting standards. For details please see
here
FACTORS TO WATCH:
* Nikkei falls 0.7 pct on stronger yen, Wall Street [.T]
* Surging oil, disappointing outlooks hit Wall Street [.N]
* Record oil, bleak outlook may hit Asian shares [STXNEWS/AS]
* Oil rallies to record near $120 on supply worries [O/R]
* Euro rallies through $1.60 as ECB eyed [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)
China Eastern Air (CEA.N)(0670.HK) +7.50
Sinopec Corp (SNP.N)(0387.HK) +5.93
Yanzhou (YZC.N)(1171.HK) +5.31
Chalco (ACH.N)(2600.HK) -1.97
SEMIC Manfc Intl (SMI.N)(0981.HK) -1.92
China Mobile (CHL.N)(0941.HK) -0.98
CNOOC Ltd (CEO.N)(0883.HK) -0.63
(US$1=HK$7.8)
(Reporting by Alison Leung; Editing by Anne Marie Roantree)
