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Hong Kong shares set for longest weekly losing streak in a year
June 7, 2013 / 1:16 AM / 4 years ago

Hong Kong shares set for longest weekly losing streak in a year

HONG KONG, June 7 (Reuters) - Hong Kong shares may record a fourth-straight weekly loss on Friday, its longest such losing streak in a year, with turnover likely weak ahead of U.S. non-farm payrolls data later in the day and a slew of Chinese data due over the weekend.

The Hang Seng Index closed down 1.1 percent at 21,838.4 points on Thursday in its sixth daily loss out of seven. The China Enterprises Index of the top Chinese listings in Hong Kong also slid 1.1 percent.

On the week, they are down 2.5 and 2.3 percent respectively. This will be their fourth consecutive weekly loss, which is the longest the Hang Seng benchmark has suffered since May last year.

Elsewhere in Asia, Japan’s Nikkei was down 1.2 percent, while South Korea’s KOSPI was down 0.5 percent at 0103 GMT.


* Martin Abbott has resigned as chief executive of the London Metal Exchange and co-head of global markets of the Hong Kong Exchanges, the exchanges said on Thursday.

* China announced on Thursday a small cut of 95 yuan ($15.50) per tonne, or about 1 percent, to the retail gasoline price ceiling and a 90 yuan cut to diesel, effective Friday, largely offsetting an increase about a month ago.

* Aluminum Corporation of China Ltd said it would sell its aluminum fabrication assets of Northwest Aluminum Fabrication Branch and alumina assets in its Guizhou branch to the company’s state-owned parent Aluminum Corporation of China, in deals valuing an aggregate 6.1 billion yuan.

* Evergrande Real Estate Group Ltd said its contracted sales in May amounted to 9.21 billion yuan, an increase of 26.9 percent over April.

* China Longyuan Power Group Corporation Ltd said it generated power of 2.93 million MWh for the month of May, up 19.37 percent as compared to a year ago.(Reporting by Clement Tan and Donny Kwok; Editing by Stephen Coates)

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