December 3, 2012 / 1:05 AM / in 5 years

Hong Kong shares seen higher, may test 2012 peak

HONG KONG, Dec 3 (Reuters) - Hong Kong shares could start December testing 2012 highs on Monday, helped by official data showing headline manufacturing activity in China rose to a 7-month high of 50.6 in November from 50.2 in October.

But there are signs of over-reliance on growth from the inefficient state sector, data components suggest. HSBC’s final PMI reading for last month will follow later on Monday.

Last Friday, the Hang Seng Index closed up 0.5 percent on the day and up 1.8 percent on the month at 22,030.4, shy of 22,149.7, the intra-day high for the year.

The China Enterprises Index of the top Chinese listings in Hong Kong rose 1.3 percent on Friday and 0.4 percent for the month of November.

Elsewhere in Asia, Japan’s Nikkei was up 0.2 percent, while South Korea’s KOSPI was up 0.2 percent at 0058 GMT.


* U.S.-Israeli media magnate Haim Saban agreed to buy a controlling stake in Israel’s second largest telecoms operator, Partner Communications, to expand into the market for bundled phone, internet and television services. Saban Capital will pay Israeli holding company Scailex Corp 250 million shekels ($65 million) in cash, and take on a $300 million loan that Scailex owes to Hong Kong conglomerate Hutchison Whampoa.

* International garment firms have demanded fast action to ensure the safety of Bangladeshi textile workers, a week after a plant fire killed more than 100 people, a senior industry official in the country said on Saturday. The meeting was attended by representatives of major clothing companies, including Li & Fung Ltd, H&M, TSS, SEARS, TCHIBO, Global Merchants, GAP Inc, Nike Inc, LEVIS, Kappahl, Carrefour and Primark.

* A Canadian cabinet figure known to have reservations about CNOOC Ltd’s bid to buy Nexen Inc said Friday that at least some of Canada’s concerns about getting reciprocal treatment from China had been addressed by an investment pact.

* China Resources Land Ltd said it would buy from its parent, China Resources (Holdings) Co Ltd, a 55 percent interest in a site in Nanning in Guangxi Zhuang Autonomous Region for HK$2.12 billion cash, in a bid to increase its land bank.

* Metallurgical Corporation of China Ltd said it won the bid for a site for commercial and residential purposes in Xiaguan District of Nanjing for 5.62 billion yuan.

* Shui On Land Ltd said it proposed to issue senior perpetual capital securities in a bid to raise capital to fund expenditures related to its real estate operations and to repay existing indebtedness.(Reporting by Clement Tan and Donny Kwok; Editing by Eric Meijer)

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