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Hong Kong shares may start lower, HSBC in focus after earnings
August 6, 2013 / 12:45 AM / 4 years ago

Hong Kong shares may start lower, HSBC in focus after earnings

HONG KONG, Aug 6 (Reuters) - Hong Kong shares may start lower on Tuesday, with HSBC in focus after Europe’s largest bank posted disappointing first half earnings, with its rival Standard Chartered is due to report later in the day.

Several other companies are also slated to report half year earnings, including ANTA Sports, China CITIC Bank , China Everbright, Country Garden and MGM China.

On Monday, the Hang Seng Index closed up 0.1 percent at 22,222 points, while the China Enterprises Index of the leading Chinese listings in Hong Kong slipped 0.1 percent.

Elsewhere in Asia, Japan’s Nikkei was down 1.1 percent at 0028 GMT, while South Korea’s KOSPI was down 0.6 percent.


* HSBC posted lower than expected earnings on Monday and said it might have to pay $1.6 billion in damages over a U.S. lawsuit, reviving concerns over legacy issues and growth prospects at Europe’s biggest bank.

* Swedish automaker Volvo Car Corp, which is wholly owned since 2010 by China’s Zhejiang Geely Holding Group Co. , said on Monday it sold 33,650 cars in July, a 14 percent increase over the same period a year ago, citing brisk sales in China and Europe.

* Miner Glencore Xstrata said it agreed to sell Joe White Maltings, a malt producer based in Australia, to agribusiness giant Cargill Inc.

* Hang Seng Bank Ltd, which is 62 percent owned by HSBC Holdings Plc , said its first half net profit doubled to HK$18.5 billion.

* BMW’s China joint venture BMW Brilliance Automotive Ltd will recall 143,215 vehicles due to a problem related to their electric power steering system, the country’s quality watchdog said on Monday.

* Evergrande Real Estate Group Limited said contracted sales in July amounted to 8.11 billion yuan, bringing the aggregate contracted sales for the period from January to July to 52.72 billion yuan.

* Shui On Land Limited said its contracted property sales amounted to 635 million yuan in July, bringing the accumulated contracted property sales to 7.044 billion yuan for the first seven months of 2013, representing 78 percent of its full year property sales target of 9 billion yuan.

* Zhaojin Mining Industry Company Limited said it expects to see a decrease in first half profit due to a substantial drop in gold price and impairment provisions led by lower product inventory value due to a decline in gold price.(Reporting by Clement Tan and Donny Kwok; Editing by Shri Navaratnam)

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