HK shares open down 0.2 pct; Mengniu Diary soars
HONG KONG, July 7 (Reuters) - Hong Kong shares will open 0.2 percent lower on Tuesday as investors fret about interim corporte earnings and the sustainability of a global economic recovery following a four-month rally by the market.
China Mengniu Dairy (2319.HK) is set to soar after it said it would raise HK$3.058 billion ($394.6 million) from a share sale to China National Oils, Foodstuffs and Cereals Corp (COFCO) and Hopu Investment Management. Shares in the company, which was involved in last year's tainted milk scandal, rose 7.3 percent to HK$20.50.
Huadian Power (1071.HK) jumped 3.5 percent to HK$2.65 after it said it would acquire a 70 percent stakes in two in Shanxi-based coalminers for about 760 million yuan ($111.2 million) to ensure coal supply to the company's power plants.
The benchmark Hang Seng Index .HSI will start 35.92 points lower at 17,943.49.
The China Enterprises Index .HSCE, which represents top locally listed mainland Chinese stocks, will open down 0.3 percent at 10,800.51. (Reporting by Parvathy Ullatil; Editing by Chris Lewis)
