HONG KONG, Aug 12 (Reuters) - Hong Kong shares are seen
pulling back on Wednesday with overnight losses on Wall Street
giving investors the excuse they need to take profit on the
recent rally that took the main index to close to a 12-month
high.
Key earnings on Wednesday include second-quarter results from
exchange operator Hong Kong Exchanges and Clearing (0388.HK),
which is expected to announce a flat performnce as trading
volumes stabilised in the period, and Chinese internet portal
Tencent (0700.HK).
Huaneng Power International Inc (0902.HK) will be in focus
after China's largest electricity provider reported a return to
profit in the first half of 2009, buoyed by two tariff increases
in the second half of last year and lower coal costs.
Huaneng (HNP.N) (600011.SS) said on Tuesday that its net
profit totalled 1.87 billion yuan ($273.6 million) for
January-June, compared with a 543.8 million yuan net loss a year
earlier and better than a consensus estimate for a 1.61 billion
yuan profit from five analysts surveyed by Reuters.
The benchmark Hang Seng Index .HSI rose 0.7 percent on
Tuesday, to finish at 21,074.21, closing above the 21,000 level
for the first time since September 2008, as key data releases
from China were more or less in line with expectations.
STOCKS TO WATCH-
* Poly Development (1141.HK) said on Wednesday that it would
buy Chinese heavy infrastructure construction equipment provider
CIIC Group for HK$2.04 billion (US$263 million), a deal to be
settled by an issue of new shares, convertible notes and cash.
The company also said it intended to raise up to US$700
million through an issue of equity or equity-linked securities to
fund working capital, capital expenditure and other investments.
For statement please click
here
* Brightoil Petroleum (0933.HK) said late on Tuesday that it
would team up with a Chinese partner to construct 192.6
kilometres of oil pipeline connecting planned oil storage
facilities in Dalian City with the national oil pipelines.
Investment in the project will total US$1.05 billion and
construction of the pipeline is estimated at US$355 million. The
company said it would fund the investment by internal resources
including part of HK$450 million to be raised from an issue of
convertible notes. Trading in the shares will resume on
Wednesday. For statement please click
here
* Shanghai Forte (2337.HK) said it would buy a land
development project for residential and commercial use in Nanjing
City for 1.04 billion yuan, to increase its land bank and project
developments in Jiangsu province. Trading in its shares will
resume on Wendesday. For statement please
here
* China National Resources Development (0661.HK) said its arm
China Daye Non-ferrous Metals Mining had signed a strategic
cooperation framework agreement with the Government of Xinjiang
Ili Kazakh Autonomous Prefecture of China for joint development
of nonferrous metal and mineral resources in Xinjiang. For
statement please click
here
* Hunan Nonferrous Metals (2626.HK) said its Zhuzhou Smelter
Group (600961.SS) posted an 84.4 percent year-on-year drop in
first-half profit to 14.7 million yuan while operating profit
fell 95.1 percent 6.9 million yuan. For a statement please click
here
* Toll road operator Zhejiang Expressway (0576.HK) said its
profit for the first half of 2009 fell 26.4 percent to 772.45
million yuan as traffic on its two expressways were affected by a
slump in foreign trade and exports within the province. For
statement please click
here
* China Insurance International (0966.HK) said accumulated
premium income at Taiping Life Insurance for January-July period
totalled 12.79 billion yuan. For statement please click
here
* Ping An Insurance (2318.HK) said that in the January-July
period, premium incomes at Ping An Life Insurance Co, Ping An
Property & Casualty Insurance, Ping An Health Insurance and Ping
An Annuity Insurance were 82.86 billion yuan, 21.76 billion yuan,
52.52 million yuan and 653.18 million yuan respectively. For
statement please click
here
* Chinese developer China Resources Land (1109.HK) is
expected to be added to the Hang Seng Index .HSI this week,
while COSCO Pacific (1199.HK), the third-largest container
terminal operator in Asia is tipped to be removed as index
compiler announces its latest quarterly review on Friday, the
South China Morning Post reported.
----------------------MARKET SNAPSHOT @ 2245 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 994.35 -1.27% -12.750
USD/JPY JPY= 95.97 0.03% 0.030
10-YR US TSY YLD US10YT=RR 3.6717 -- 0.000
SPOT GOLD XAU= 945.35 0.08% 0.800
US CRUDE CLc1 69.74 0.42% 0.290
DOW JONES .DJI 9241.45 -1.03% -96.50
ASIA ADRS .BKAS 120.21 -0.77% -0.93
-------------------------------------------------------------
MARKETS SUMMARY
*Wall Street dragged lower by financials [nN11403526]
*Oil falls as U.S. data damps recovery hopes [nSP473359]
*Yen rises on lackluster China data, risk aversion [nN11326971]
*Treasuries rise on stocks slide, strong auction [nN11590434]
(Reporting by Parvathy Ullatil; Editing by Chris Lewis)
