September 27, 2012 / 12:45 AM / 5 years ago

Hong Kong shares set to extend this week's losses

HONG KONG, Sept 27 (Reuters) - Hong Kong shares were set to extend losses on Thursday after stocks on Wall Street fell for a fifth straight day and concerns over austerity measures in Spain mounted.

The Hang Seng index fell 0.8 percent to 20,527.7 on Wednesday weighed down by retail stocks which became the latest sector to be hit by profit-taking ahead of the quarter-end. The China Enterprises index of top locally listed mainland firms fell 1.2 percent.

China’s domestic stock markets fell to their lowest level since the first quarter of 2009 as investors continued to fret over the extent of the economic slowdown and its impact on corporate earnings.

The country’s National Bureau of Statistics (NBS) is expected to announce profits for industrial companies in August at around 0130 GMT. Profits fell 5.4 percent year-on-year in July.

Elsewhere in Asia, Japan’s Nikkei was down 0.5 percent while South Korea’s Kospi was off 0.4 percent as of 0030 GMT.


* Canada’s ruling Conservative Party is split over a landmark $15.1 billion bid by China’s CNOOC for oil producer Nexen, leaving Prime Minister Stephen Harper with a difficult final call to make.

* Glencore International Plc’s takeover of Canada’s biggest grain handler, Viterra Inc, may not close until as late as Nov. 15 as a review by China’s Ministry of Commerce continues, Viterra said on Wednesday.

* Turkey’s Hattat Holding and China’s Harbin Electric will invest $250 million in building a factory in northwest Turkey to manufacture power plant equipment, Hattat’s chairman said.

* Hong Kong’s Court of Final Appeal ruled against Cathay Pacific Airways in two cases regarding its air crew on Wednesday that could end up costing the airline operator hundreds of millions of dollars. (Reporting by Vikram Subhedar and Donny Kwok; Editing by Edwina Gibbs)

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