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Hong Kong shares may fall ahead of holiday
September 30, 2013 / 1:20 AM / 4 years ago

Hong Kong shares may fall ahead of holiday

HONG KONG, Sept 30 (Reuters) - Hong Kong shares may end the third quarter on a softer note on Monday ahead of a long holiday week in the mainland, while investors awaited a private survey on September factory activity in China due later in the day.

The flash HSBC manufacturing purchasing managers index (PMI) is due at 0145 GMT, while China’s official PMI is expected on Tuesday, when markets in both the mainland and Hong Kong are shut for the National Day holiday.

Hong Kong will resume trading on Wednesday, but mainland markets will only open next Tuesday.

Global markets were coming under pressure as a shutdown of the U.S. government seemed increasingly likely, although the euro had political troubles of its own as the Italian government teetered on the edge of collapse.

The Hang Seng Index ended up 0.4 percent at 23,207 points last Friday, but shed 1.3 percent on the week. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.4 percent for the day and 2.6 percent for the week.

Elsewhere in Asia, Japan’s Nikkei was down 2 percent and South Korea’s KOSPI was 0.6 percent lower as of 0049 GMT.

FACTORS TO WATCH:

* Singapore’s United Overseas Bank Ltd and Australia & New Zealand Banking Group Ltd are considering a bid for Hong Kong’s Wing Hang Bank Ltd, according to people familiar with the matter.

* General Motors Co, which has been seeking to fix its ailing European operations, believes a crucial partnership in France would survive even if its French partner ties up with China’s Dongfeng Motor Group Co Ltd, a top GM executive said on Friday.

* Electricity supplier Power Assets Holdings Ltd plans to spin off its Hong Kong electricity business in a deal that could be worth as much as $5 billion before the end of the year, Thomson Reuters publication IFR reported on Friday, citing a source familiar with the deal.

* Chinese property developer Sino-Ocean Land Holdings Limited has said it will issue $808 million worth of new shares to its two major shareholders, including insurer China Life, raising capital to fund development projects.

* China Oil And Gas Group Limited said the Longde People’s Government has agreed to grant the company exclusive rights to operate its gas business within the administrative regions of Longde County for 30 years. The company will also set up a joint venture with Shandong Aerospace Shipping Industry Group Co Ltd for the construction of a marine and automotive natural gas utilisation project in Weishan County.

* Next Media Ltd said it would sell a remaining 30 percent stake in animation production unit Colored World to Sum Tat Ventures Limited, controlled by its chairman Jimmy Lai, for $20 million, a move to reduce losses and improve the company’s cash position.

* PetroChina supplier Wison Engineering Services Co Ltd said in a press release that its unit, Wison Engineering Ltd, has been awarded a contract for the engineering of Erdos Jinchengtai Coal-to-methanol Project (Phase II) for Erdos Jinchengtai Chemical Co Ltd.

* Chinasoft International Limited said it plans to increase its shareholding in Shanghai Huateng Software Systems Co Ltd by another 8.78 percent, raising is stake to 100 percent ownership, capitalising on opportunity provided by the Shanghai Free Trade Zone.

* Japanese-style noodle chain operator Ajisen (China) Holdings Limited said its new chief operating officer Lau Si Sing has vacated his position with immediate effect.

* Industrial and Commercial Bank of China Limited said Zheng Wanchun and Gu Shu have been appointed as senior executive vice president at the bank, subject to respective approval by the China Banking Regulatory Commission.(Reporting by Clement Tan and Lee Chyen Yee; Editing by Chris Gallagher)

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