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HK shares open up 1.7 pct but HSBC weighs

Tue Oct 28, 2008 10:01pm EDT

Stocks

   

HONG KONG, Oct 29 (Reuters) - Hong Kong shares will open up 1.7 percent on Wednesday, building on their biggest rally in over a decade, as investors snapped up stocks on hopes of a deeper-than-expected rate cut from the U.S. Federal Reserve.

China

But index heavyweight HSBC Holdings (0005.HK) is set to open 3.3 percent lower as investors locked in gains on Tuesday's 20 percent surge in the stock.

The benchmark Hang Seng Index .HSI was set to open 211.06 points higher at 12,807.35.

The China Enterprises Index .HSCE of top locally listed mainland Chinese companies will open up 4.5 percent at 5,939.63.

China Shenhua Energy (1088.HK), the world's most valuable coal moner, will open 10 percent higher after announcing a 48 percent increase in third quarter net profit.

(Reporting by Parvathy Ullatil; Editing by Jonathan Hopfner)

China


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