HONG KONG, May 23 (Reuters) - Hong Kong stocks are seen
rising on Friday following modest gains on Wall Street as energy
prices pulled back overnight, but the upside is likely to be
limited by a lack of concrete good news.
"The U.S. market stabilised last night and Hong Kong stocks
could see some bargain hunting after losing about more than 400
points on Thursday," said Conita Hung, a director at Delta Asia
Financial Group.
"However, any rally should be limited within 300 points since
trading has been thin and investors are unlikely to take big
positions ahead of the weekend," she added.
World No. 4 PC maker Lenovo (0992.HK) could see selling
pressure after Deutsche Bank downgraded the stock on Friday to
hold from buy on valuation. It had outperformed the blue chip
Hang Seng Index .HSI by 29 percent since Jan. 30, the bank said
in a research note.
Lenovo doubled its fourth quarter earnings, but lagged
forecasts as a decelerating U.S. economy depressed laptop sales,
while competition intensified with the likes of Asian rival Acer
(2353.TW) [ID:nHKG129404]
The benchmark Hang Seng index fell 1.64 percent to close at
25,043.12 on Thursday. The China Enterprises Index of Hong
Kong-listed mainland companies .HSCE, or H shares, finished
2.21 percent lower to 13,820.84.
---------------------MARKET SNAPSHOT @ 2235 GMT -------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1394.35 0.26% 3.640
USD/JPY JPY= 103.99 -0.12% -0.130
10-YR US TSY YLD US10YT=RR 3.9226 -- 0.000
SPOT GOLD XAU= 919.95 -0.10% -0.900
US CRUDE CLc1 130.83 0.02% 0.020
DOW JONES .DJI 12625.62 0.19% 24.43
ASIA ADRS .BKAS 164.21 1.26% 2.04
-------------------------------------------------------------
FACTORS TO WATCH:
* Japan stocks expected to hover, exporters strong [.T]
* Wall Street ekes out gain as oil pulls back [.N]
* Asian shares seen rising on weaker oil, exporters [STXNEWS/AS]
* Oil pulls back after hitting record above $135 [O/R]
* Dollar rises on profit-taking, but oil prices weigh [USD/]
* For upcoming Hong Kong events, click on [HK/DIARY]
* For Hong Kong press digest, click on [PRESS/HK]
STOCKS TO WATCH:
* Parkson Retail Group Ltd (3368.HK) said it would pay 240
million yuan ($34.57 million) for controlling interests in two
department store owners and operators, a move to tap strong
growth in China's Nanning and Tianjin cities. [ID:nHKG148852]
* Yanzhou Coal Mining (1171.HK) said it will raise quantity
of coal sales to Huadian Power by 2.5 million tonnes to a total
of 7.3 million tonnes in 2008 due to higher consumption and its
turnover for year 2008 will have an increase of 942.57 million
yuan as compared with 2007. For details please see
here
* China Railway Construction Corp (1186.HK) said 32 people
related to the company died and 16 construction projects suffered
from different levels of impact in the earthquake but it would
not have material effects to the general operating results this
year and future development of the firm. For details please see
here
* Karce International (1159.HK) said it would buy a firm
which holds Sale Patents of Taiwan Micro Display Corp for HK$3.4
billion, a deal to be settled by issue of convertible bonds and
promissory note. For details please see
here
* Zhejiang Glass (0739.HK) said it was selling up to 64.17
million new H-shares at HK$6.05 each, a 14.18 percent discount to
its closing price HK$7.05 on Wednesday, raising about HK$382
million to expand its glass production business. For details
please see
here
(Editing by Keiron Henderson)
KEY HK ADR MOVERS (by % change)
Yanzhou Coal (YZC.N)(1171.HK) +3.92
China Netcom CN.N(0906.HK) +3.84
Huaneng Power (HNP.N)(0902.HK) +3.31
Semiconductor Mfng (SMI.N)(0981.HK) +2.37
China Eastern (CEA.N)(0670.HK) -2.35
CNOOC Ltd (CEO.N)(0883.HK) -2.37
China Southern ZHN.N(1055.HK) -2.62
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia........[STXNEWS/AS] Japan.......[.T] S.Korea...[.KS]
S.E. Asia.......[.SO] Hong Kong...[.HK] Taiwan....[.TW]
Australia/NZ....[.AX] India.......[.BO] China.....[.SS]
OTHER MARKETS:
Wall Street ....[.N] Gold .......[GOL/] Currency..[FRX/]
Eurostocks......[.EU] Oil ........[O/R] JP bonds...[JP/]
ADR Report .....[ADR/] LME metals.[MET/L] US bonds.. [US/]
Stocks News US..[STXNEWS/US] Stocks News Europe [STXNEWS/EU]
DIARIES & DATA:
IPO diary & data <HK/IPOMENU> Asia earnings diary [ASIA/EQTY]
U.S. earnings diary [RESF/US] European diary [WEU/EQTY]
Hong Kong diary [HK/DIARY] Wall Street Week Ahead [.N/O]
Eurostocks Week Ahead [.EU/O]
TOP NEWS:
For top Asian company news, double click on: [nTOPEQA]
U.S. company news [TOP/EQU] European company news [TOP/EQE]
Forex news [TOP/FRX] Global Economy news [TOP/MACRO]
Tech/Telecoms/Media [TOP/TMT] Banking news [TOP/FIN]
Politics/General news [TOP/G] Asia Macro data ASIATODAY
A multimedia version of Reuters Top News is available at:
topnews.session.rservices.com
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