HONG KONG, Oct 27 (Reuters) - Hong Kong stocks are expected
to fall from 14-month highs on Tuesday, tracking losses on Wall
Street, and China Life Insurance (2628.HK) will be in focus after
its third-quarter earnings more than doubled.
Rising financial markets should sustain long-term growth of
China Life, the world's biggest insurer by market value, analysts
said. But the third-quarter earnings lagged analysts' forecasts
and were less than the previous quarter. [ID:nPEK296325]
"Investors will probably take profit because overseas markets
fell," said Francis Lun, general manager at Fulbright Securities.
The main index will likely shed 300 points on Tuesday, he said.
"China Life's earnings were a little bit below market
expectations, so it won't be good for the stock," Lun said.
Wall Street fell on Monday as investors sold shares of home
builders and financials on fears that a federal home buyer tax
credit might be phased out, while commodity shares dropped due to
a strong U.S. dollar. [ID:nN26208776]
The benchmark Hang Seng Index .HSI closed 1.71 percent
higher on Friday to its highest in 14 months. Hong Kong financial
markets were shut on Monday for a public holiday.
STOCKS TO WATCH
* China National Building Material Co Ltd (3323.HK) said its
52.4 percent owned Beijing New Building Material Co Ltd
(000786.SZ) posted a 246.8 percent rise in net profit
attributable to shareholders, to 83.53 million yuan, for the
third quarter, in accordance to Chinese accounting standards. For
statement please click
here
* ANTA Sports (2020.HK) said its major shareholders would
sell a total 80 million shares, or 3.2 percent of the company, at
HK$10 each as part of their asset management plan. Part of the
proceeds would be used to set up a charitable fund. For statement
please click
here
* China CITIC Bank (0998.HK) on Monday posted a 7.52 percent
year-on-year rise in third quarter earnings to 4.35 billion yuan
as it develop a fee-based income business and increased the
proportion of non-interest income. But its earnings fell 8.6
percent for the first three quarters to 11.4 billion yuan due to
drastic drop in its net interest margin. For statement please
click
here
* Anhui Conch Cement (0914.HK) said its third quarter
earnings rose 33.2 percent from a year ago to 937.9 million yuan
as its financial expenses dropped due to a reduction in
borrowings and loan interest rates and an increase in investment
income. For statement please click
here
----------------------MARKET SNAPSHOT @ 2300 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1066.95 -1.17% -12.650
USD/JPY JPY= 92.21 -0% 0.000
10-YR US TSY YLD US10YT=RR 3.558 -- 0.000
SPOT GOLD XAU= 1036.9 -0.02% -0.200
US CRUDE CLc1 78.56 -0.15% -0.120
DOW JONES .DJI 9867.96 -1.05% -104.22
-------------------------------------------------------------
>Wall St sinks on home builder fears, financials [.N]
>US dollar rallies as Wall Street, commodities drop [USD/]
>Bonds retreat into record dose of issuance [US/]
>Gold hits 2-week low, under $1,040 as dollar jumps [GOL/]
>Oil falls below $79 with equities as dollar firms [O/R]
(Reporting by Jun Ebias; Editing by Ken Wills)
