HK shares open 0.9 lower; Ping An slips after deal
HONG KONG, June 15 (Reuters) - Hong Kong shares will open 0.9 percent lower on Monday, snapping a three-session winning streak, amid lack of fresh evidence of turnaround in global economy and lower crude oil prices.
Ping An Insurance (Group) (2318.HK) will open lower after the insurer said it would buy out Newbridge Capital's stake in mid-sized lender Shenzhen Development Bank (000001.SZ) for 11.45 billion yuan ($1.68 billion) in cash or via a share swap.
Shares in Ping An which resumed trading on Monday after a week-long suspension will start 0.3 percent lower at HK$58.90.
Citigroup downgraded the stock to a "hold" rating from "buy" saying the deal did not add much value to the insurer's banking aspirations.
The benchmark Hang Seng Index .HSI was set to open 177.62 points lower at 18,712.06.
The China Enterprises Index .HSCE of top mainland companies was set to start down 1.2 percent at 10,959.70.
(Reporting by Parvathy Ullatil; Editing by Chris Lewis)
