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HK shares open up 0.8 percent, Chinese banks lead

Thu Jul 3, 2008 10:00pm EDT

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HONG KONG, July 4 (Reuters) - Hong Kong shares will open 0.8 percent higher after losing nearly 4 percent over two consecutive sessions, led by a rebound in financials after China's biggest bank issued a positive earnings outlook for the half year.

China

Industrial & Commercial Bank of China (1398.HK) is set to open 1.8 percent higher, recovering from Thursday's 4 percent drop, after the lender said its interim profit rose at least 50 percent, based on Chinese accounting standards.

Smaller rival China Construction Bank (0939.HK) will open up 2.4 percent.

The Hang Seng Index .HSI will open up at 21,402.17.

The China Enterprises Index .HSCE of top locally-listed Chinese companies rose 1.1 percent. (Reporting by Parvathy Ullatil; Editing by Jonathan Hopfner)

China


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