July 4, 2013 / 1:11 AM / 5 years ago

Hong Kong shares may post modest rebound after steep losses

HONG KONG, July 4 (Reuters) - Hong Kong shares may recoup some of their two-straight daily losses on Thursday, with investors cautious ahead of key events including the European Central Bank meeting and the U.S. non-farm payrolls report later in the week.

On Wednesday, the Hang Seng Index ended down 2.5 percent at 20,147.3 points. The China Enterprises Index of the top Chinese listings in Hong Kong dived 3.3 percent. It marked the worst daily loss for both the benchmarks since June 20.

Elsewhere in Asia, Japan’s Nikkei was down 0.1 percent, while South Korea’s KOSPI was up 0.5 percent at 0100 GMT.


* Swiss food company Nestle and French rival Danone are cutting the price of infant formula milk in China after Beijing launched an investigation into possible price-fixing and anti-competitive behaviour in the sector.

* The Miami Heat’s Dwyane Wade visited China on Wednesday for the first time since signing a multi-million dollar contract with Chinese sportswear company Li Ning last year, but the sneakers that bear his name are in short supply.

* Vale SA , the world’s largest iron ore miner, received a license from Brazil’s Environmental Protection Agency to build a $19.5 billion expansion to its giant Carajas iron ore mining project, CEO Murilo Ferreira said on Wednesday.

* Sinopec Shanghai Petrochemical Co Ltd said its estimated net profit attributable to equity shareholders amounted to 438 million yuan for the first half of 2013, compared to a 1.19 billion yuan loss in the same period a year ago. Prices of petrochemical products bottomed out in March and April and the petrochemical business turned around to record a profit in May and June.

* Lingbao Gold Co Ltd said it planned to seek shareholders’ authorization and approval for a proposed private placement of financial instruments in China for a principal amount of up to one billion yuan for a period of one to five years, raising capital to reduce its short term borrowings.

* Shimao Property Holdings Ltd said its contracted sales value amounted to 7.19 billion yuan in June, bringing the aggregated contracted sales value for the first six months of 2013 to 32.53 billion yuan, up 45 percent from a year ago period.(Reporting by Clement Tan and Donny Kwok Editing by Shri Navaratnam)

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