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Hong Kong shares may start higher, earnings in focus
March 12, 2013 / 1:11 AM / 4 years ago

Hong Kong shares may start higher, earnings in focus

3 Min Read

HONG KONG, March 12 (Reuters) - Hong Kong shares could start modestly higher on Tuesday, helped by Wall Street gains, with several companies expected to post earnings later in the day.

Ajisen, Sino-Ocean land and China Oil and Gas are among companies due to post their 2012 full year earnings later in the day.

On Monday, the Hang Seng Index closed flat, surrendering its midday gains. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.4 percent.

Elsewhere in Asia, Japan's Nikkei was up 0.4 percent, while South Korea's KOSPI was flat at 0056 GMT.

Factors to Watch:

* Loss-making China COSCO Holdings Co Ltd , which operates the world's largest dry bulk cargo fleet, said it plans to sell its logistics unit to boost earnings and reduce the risk of the firm being suspended from trading in Shanghai.

* Brazilian miner Vale SA said on Monday it has suspended a $6 billion potash project in neighboring Argentina that has been plagued by cost overruns, a decision that could renew trade tensions between South America's two largest economies. Vale said its Rio Colorado potash project in Mendoza province was no longer "in line with Vale's commitment to discipline in capital allocation".

* China Life Insurance Company resumed trading in Hong Kong following a suspension earlier on Monday that resulted from comments made to the press by Yang Mingsheng, the chairman of the board. Yang's comments about the likelihood that the company's profits would improve this year were his own opinion and should not be construed as an earnings forecast, the company said in a filing on the Hong Kong Stock Exchange.

* Hong Kong subway operator MTR Corporation Ltd said its 2012 net profit fell 13 percent to HK$13/5 billion.

* Kaisa Group Holdings Ltd said it proposed to issue U.S. dollar senior notes raising capital to refinance the 2010 notes, finance property projects and for general corporate purposes.

* Silver Base Group Holdings Ltd said one of its subsidiaries, Chuang Yin Development (Overseas), has obtained the distribution rights of Guizhou Moutai Chiew in Poland, Hungary, the Czech Republic, Slovakia, Bulgaria with effect from January 1, 2013.

* Geely Automobile Holdings Ltd said the total sales volume for February was 31,468 units, down about 20 percent over the same period last year, due to fewer working days in February because of the Chinese New Year holiday.

* Chow Tai Fook Jewellery Group Ltd said its overall same stores sales fell 2 percent for the first two months of 2013, in which China was down 7 percent while Hong Kong and Macau rose 5 percent.(Reporting by Clement Tan and Donny Kwok; Editing by Eric Meijer)

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