February 20, 2013 / 1:01 AM / in 5 years

Hong Kong shares may open up; property sector could underperform

HONG KONG, Feb 20 (Reuters) - Hong Kong shares are set to open higher on the back of Wall Street gains overnight, although the property segment is expected to remain weak on concerns that both Beijing and Hong Kong would launch more curbs to cool rising property prices.

On Tuesday, Hong Kong shares declined for a second straight day with the blue chip Hang Seng Index closing down 1 percent at 23,143.91. The China Enterprises Index of the top Chinese listings in Hong Kong shed 1.8 percent.

Elsewhere in Asia, Japan’s Nikkei rose 0.8 percent in early trade on Monday, while South Korea’s KOSPI was up 0.6 percent.


* Italian fashion house Prada SpA, which competes with LVMH’s Louis Vuitton and PPR’s Gucci, said on Tuesday its preliminary revenues rose 29 percent for the 12 months ended in January, driven by sales in Europe and the Asia Pacific.

* Colombia’s Bancolombia has agreed to purchase HSBC Bank S.A. in Panama for $2.1 billion, the company said in a filing to local regulators on Tuesday.

* The Philippine unit of Macau casino company Melco Crown Entertainment Ltd said on Tuesday it plans to sell up to 1 billion shares as it prepares to develop a $1 billion casino-resort project with local partner Belle Corp.

* Glorious Property Holdings Ltd said it planned to issue U.S. dollar senior notes, raising capital to refinance debt and for general corporate purposes.

* Cosmetics retailer Sa Sa International Holdings Ltd said it recorded a 30 percent year-on-year growth in retail sales in Hong Kong and Macau during the first seven days of Chinese New Year between February 10 and 16, and 20 percent growth in same store sales.(Reporting by Donny Kwok; Editing by Shri Navaratnam)

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