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Hong Kong shares may start lower on weak Wall St, Fed uncertainty
August 7, 2013 / 12:55 AM / 4 years ago

Hong Kong shares may start lower on weak Wall St, Fed uncertainty

HONG KONG, August 7 (Reuters) - Hong Kong shares may start lower on Wednesday, likely hit by Wall Street losses as investors continued to fret about when the U.S. Federal Reserve would start to wind down its stimulus program.

On Tuesday, the Hang Seng Index closed down 1.3 percent at 21,923.7 points in its biggest daily loss since July 8. The China Enterprises Index of the leading Chinese listings in Hong Kong shed 0.8 percent.

Elsewhere in Asia, Japan’s Nikkei was down 2.3 percent, while South Korea’s KOSPI was down 0.7 percent at 0042 GMT.

FACTORS TO WATCH:

* Asia-focused bank Standard Chartered took a $1 billion hit on the value of its troubled Korean business on Tuesday, dragging earnings down 16 percent and warning of a slow turnaround in its most difficult market.

* Chinese infant milk producer Biostime International Holdings Ltd said on Wednesday it had been fined 162.9 million yuan ($26.61 million) after an investigation by China’s top economic planning agency had found it guilty of price-fixing.

* France’s stockmarket regulator said it extended a takeover bid for French resort group Club Med by China’s Fosun International and AXA Private Equity after shareholder complaints.

* Russian aluminium producer Rusal may cut more production this year than it previously planned after being hit by a sharp fall of the metal’s price, its CEO was quoted as saying in an interview.

* China Vanke Co Ltd, the largest mainland Chinese property developer by sales, reported a 22.3 percent rise in net profit for the first half of 2013.

* MGM Resorts International, parent of MGM China Holdings Ltd, said its Q2 loss per share was at $0.19 while revenue rose 7 percent to $2.5 billion.

* PCCW Ltd, which invests in and develops technology-related businesses and is Hong Kong’s dominant fixed-line telephone operator, said its first half net profit rose 2 percent at HK$856 million.

* Cosmetic and skincare products retail chain operator Bonjour Holdings Limited said it expected its profit for the period ended in June to increase by 40-50 percent year on year due to increase in turnover.

* Want Want China Holdings Limited said it neither procures whey protein concentrate or dairy base powder for its raw materials, and its operations are unaffected by possible Chinese government banning imports of products containing whey protein concentrate and dairy base powder.

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