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Hong Kong shares may start stronger, U.S. data could support
May 14, 2013 / 1:15 AM / 4 years ago

Hong Kong shares may start stronger, U.S. data could support

HONG KONG, May 14 (Reuters) - Hong Kong shares were set to open higher on Tuesday after suffering its worst one-day loss in a month, with strong U.S. retail sales data likely to provide some respite.

Sun Art Retail and Sunshine Oilsands are among companies due to post quarterly earnings later in the day.

On Monday, the Hang Seng Index ended down 1.4 percent at 22,989.8 points, its biggest percentage loss since April 15. The decline was largely triggered by investor jitters after Ping An Insurance fell sharply as regulators slapped a three-month ban on its brokerage unit for helping list a fraudulent Chinese company.

The China Enterprises Index of the top Chinese listings in Hong Kong shed 2.1 percent.

Elsewhere in Asia, Japan’s Nikkei was flat, while South Korea’s KOSPI was up 1.1 percent at 0100 GMT.

FACTORS TO WATCH:

* Property conglomerate Cheung Kong (Holdings) Ltd , controlled by Asia’s richest man, Li Ka-shing, said on Monday it will cancel sales of hotel units at a Hong Kong project after regulators ruled the deals were unauthorised investments.

* Russia’s United Company RUSAL Plc, the world’s largest aluminium producer, posted a 45 percent drop in first-quarter recurring net profit due to lower aluminium prices.

* Miner Glencore Xstrata met market forecasts with an 18 percent increase in copper production in the first quarter of 2013, as new operations expand to substitute depleted mines and output climbs at the trader’s legacy operations in Congo.

* SouthGobi Resources Ltd , a coal miner whose main operations are in Mongolia, posted a first-quarter loss after its revenue plunged 92 percent as its flagship mine remained closed for the better part of the quarter.

* Agile Property Holdings Ltd said its contracted sales for April amounted to 2.35 billion yuan, bringing the aggregated total for the first four months of 2013 to 9.85 billion yuan.

* Geely Automobile Holdings Ltd said its total sales volume for April was 44,491 units, up 22 percent from the same period last year, but was down 7 percent from March.

* China Yongda Automobiles Services Holdings Ltd said it would team up with FAW-VW Sales Co Ltd to develop Audi dealerships in mainland China.(Reporting by Clement Tan and Donny Kwok; Editing by Shri Navaratnam)

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