HONG KONG, March 27 Hong Kong shares could start
steady on Wednesday, tracking a subdued start on other major
Asian exchanges, with investors likely to keep their attention
trained on the ongoing corporate earnings reporting season.
Industrial and Commercial Bank of China, Bank of
Communications, China Life Insurance and
CITIC Securities Co Ltd are among Chinese financial
companies due to post 2012 results later in the day.
Aluminum Corporation of China Ltd (CHALCO), Angang
Steel Co Ltd, China COSCO, ZTE Corporation
and Zijin Mining Group Co Ltd are among
other notable releases.
On Tuesday, the Hang Seng Index closed up 0.3 percent
at 22,311.1, reversing midday losses. The China Enterprises
Index of the top Chinese listings shed 0.5 percent.
Elsewhere in Asia, Japan's Nikkei was down 0.2
percent, while South Korea's KOSPI was flat at 0056 GMT.
FACTORS TO WATCH:
* China will start a more flexible system for pricing
domestic fuel from Wednesday, the first major revamp for four
years, to help avoid shortages and curb consumption.
* Bank of China Ltd and Agricultural Bank of China
Ltd reported their worst annual earnings growth since
going public, hit by central bank interest rate cuts in a
* Hutchison Whampoa Ltd, a ports-to-telecoms
empire owned by Asia's richest man Li Ka-shing, said on Tuesday
it saw signs of recovery in major economies and the group's
operating divisions would continue to invest and expand.
* New China Life Insurance Co Ltd ,
which provides a broad range of life insurance products and
services to individual and institutional customers, posted a 4.8
percent rise in 2012 net profit to 2.9 billion yuan.
* China Rongsheng Heavy Industries Group, the
country's largest private shipbuilder by accumulated order
books, posted a net loss of 572.6 million yuan ($92 million) in
2012, its worst-ever loss due to a vessel supply glut and a weak
* Air China , the country's flagship
carrier, on Tuesday reported a 33.8 percent drop in 2012 net
profit on high fuel prices and weak traffic demand as China's
* Jiangxi Copper Co Ltd said its 2012
net profit fell 21.5 percent to 5.2 billion yuan.
* Evergrande Real Estate Group Ltd said its 2012
net profit fell 19 percent to 9.2 billion yuan.
* China's top luxury watch distributor Hengdeli Holdings Ltd
said net profit for 2012 rose 4.9 percent to 855.2
million yuan and would cautiously expand its middle-to-high-end
watch retail and related businesses, focusing on the mainland
* China Mengniu Dairy Co Ltd said its 2012 net
profit fell to 1.26 billion yuan from 1.59 billion yuan and said
it will step up its efforts on developing potential new
operations and expand high-end brands and diversify its product
portfolio.(Reporting by Clement Tan and Donny Kwok; Editing by Eric