REFILE-HK stocks seen down on US jobs, profit-taking
(Refiles to fix spelling of profit in headline)
HONG KONG, April 7 (Reuters) - Hong Kong stocks are expected to fall on Monday after volatile trade last week and following weak U.S. jobs data that sparked more fears the credit crisis may have tipped the world's largest economy into recession.
"The market might enter a consolidation phase at this level because the upside is very limited," said Andrew To, sales director at Tai Fook Securities.
"There's the continued weak U.S. situation with the job market, and the local market is overbought."
He said stocks could move between red and black territory during the trading day.
The benchmark Hang Seng Index .HSI closed up 1.64 percent at 24,264.63 points on Thursday. It was closed on Friday for a holiday.
The index rose 4.2 percent for the week following the index's worst first quarter in six years.
The China Enterprises Index of Hong Kong-listed mainland companies .HSCE, or H shares, rose 2.58 percent to 13,137.57 on Thursday.
STOCKS TO WATCH:
* Sinopec (0386.HK), Asia's top oil refiner, said it would seek shareholders' approval in a meeting to be held on May 26 in relation to an issue of up to 20 billion yuan worth of domestic bonds, raising funds for working capital and for reducing financing costs. For a full statement please see here
On Sunday, the firm posted a sharper-than-expected two-thirds fall in quarterly earnings after high oil prices squeezed its refining business into the red, and it faces a tougher 2008. [ID:nHKG95286].
* Zijin Mining Group (2899.HK) China's second-largest gold miner, said on Monday it was launching a Shanghai initial public offer of shares that could raise roughly $1.4 billion.
The company plans to issue as many as 1.5 billion new local currency A shares, or 10.2 percent of its enlarged share capital, to raise funds for expansion projects that mainly involve mining and processing of gold and copper. [ID:nSHA6887]
* China Communications Services Corp Ltd (0552.HK) said it would buy a 100 percent stake in telecommunications infrastructure services provider China International Telecommunications Construction Corporation for 505.46 million yuan ($72.04 million) cash, in a move to enhance market position and competitiveness, and to further expand in overseas markets. For details please read here
* FACTORS TO WATCH: * Nikkei .N225 slips as economic concerns, yen gains weigh [.T] * U.S. stocks largely flat as bank fears cool optimism [.N] * STOCKS NEWS ASIA-Market factors, main events [STXNEWS/ASIA] * Oil climbs toward $107, extends dollar-driven rally [O/R] * Dollar falls as U.S. economy posts job decline [USD/] * For upcoming Hong Kong events, click on [HK/DIARY] * For Hong Kong press digest, click on [PRESS/HK]
KEY HK ADR MOVERS (by % change)
CNOOC (CEO.N)(0883.HK) +0.83
Sinopec (SHI.N)(0386.HK) +0.18
PetroChina (PTR.N)(0857.HK) +0.09
China Mobile (CHL.N)(0941.HK) +0.02
Yanzhou (YZC.N)(1171.HK) -0.21
(US$1=HK$7.8)
(Reporting by Joseph Chaney; Editing by Anne Marie Roantree)
