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HK shares open flat;Foxconn down on profit warning

Sun Aug 17, 2008 9:57pm EDT

Stocks

   

HONG KONG, Aug 18 (Reuters) - Hong Kong shares will open flat on Monday, with a better-than-expected first-half performance from China's second-largest insurer and lower oil prices helping arrest the downtrend in the market.

China

JP Morgan upgraded Ping An Insurance (2318.HK) to overweight from neutral after its first half earnings beat most analysts' expectations. The stock is set to open 1.8 percent higher.

The world's largest contract manufacturer of handsets, Foxconn International Holdings (2038.HK) will open 5.2 percent lower after warning of a significant decline in first half earnings late Friday.

The Hang Seng Index .HSI is set to open 2.43 points higher at 21,163.01.

The China Enterprises Index .HSCE of top locally-listed mainland firms will open 0.1 point higher at 11,170.30.

(Reporting by Parvathy Ullatil; editing by Jonathan Hopfner)

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