HK shares set to rise on Wall St, GCL-Poly eyed

HONG KONG, Nov 17 (Reuters) - Hong Kong's stock index may
extend gains on Tuesday on the back of a rally on Wall Street
after the Federal Reserve pledged to keep interest rates low to
spur growth in the world's largest economy.

Federal Reserve Chairman Ben Bernanke said on Monday that the
Fed was likely to keep interest rates exceptionally low for "an
extended period," sending natural resource stocks and global
commodities prices higher. [ID:nN16523225]

GCL-Poly Energy Holdings (3800.HK), a power co-generation
plant operator and wafermaker, may be in focus after the firm
said its results for the year ending Dec. 31 were expected to be
adversely affected by an impairment loss in goodwill arising from
an acquisition.

The benchmark Hang Seng Index closed up 1.73 percent, or
390.35 points, at 22,943.98, its highest close since July 24,
2008, on Monday.

The China Enterprises Index of top locally listed mainland
Chinese stocks .HSCE rose 2.15 percent to 13,751.65.

STOCKS TO WATCH:

* Taifook Securities (0665.HK) said its controlling
shareholder NWS Holdings (0659.HK) is continuing talks regarding
a sale of its interest in the company but no agreement has yet
been entered and no definitive terms for the disposal have been
determined.

Taifook said it will result in a change of control of the
company and a general offer if the talks result in entering into
an agreement. Trading of Taifook shares remained suspended
pending a further statement. NWS shares will resume trading on
Tuesday. For statement please click
here

* Pou Sheng International (3813.HK), a sportswear retailing
arm of Yue Yuen Industrial (0551.HK), said it expected to record
a loss for the year ended Sept. 30, 2009 as compared with a
profit a year ago, due to a decrease in gross profit margin
resulting from higher discounts offered to boost sales, an
exclusive brand licensee arrangement with Converse in China
expired on Dec. 31, 2008, an increase in selling and distribution
expenses, and a rise in inventory provision. For statement please
click
here

* TPV Technology (0903.HK) said it has no plan to alter its
strategic relationship with Chi Mei Optoelectronics Corp
(3009.TW) (CMO) and CMO has agreed that it will continue to
supply the company with monitor and TV panels. TPV said it made
the statement in response to rumours in Taiwan it is looking to
sever its strategic relationship with CMO and redirect a portion
of its panel procurement to other suppliers from CMO. For
statement please click
here

* China Shenhua Energy (1088.HK) said it produced 5.6 percent
more coal in October from a year ago to 17.1 million tonnes and
sold 11.6 percent more coal year-on-year to 21.2 million tonnes.
For statement please click
here
------------------- MARKET SNAPSHOT @ 2246 GMT --------------

INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1109.3 1.45% 15.820
USD/JPY JPY= 89.12 0.03% 0.030
10-YR US TSY YLD US10YT=RR 3.349 -- -0.074
SPOT GOLD XAU= 1139.15 0.01% 0.100
US CRUDE CLc1 78.92 0.03% 0.000
DOW JONES .DJI 10406.96 1.33% 136.49
ASIA ADRS .BKAS 127.37 1.68% 2.11
-------------------------------------------------------------

MARKET SUMMARY
*Wall Street leaps as Bernanke pledges lower rates [nN16523225]
*Dollar down broadly; Bernanke rate outlook weighs [nN16520753]
*Treasuries rally on weak data, Bernanke remarks [nN16587380]
*Oil settles up 3 pct on dollar, U.S. consumer data[nSYD218149]
(Reporting by Sui-Lee Wee, Editing by Jacqueline Wong)