September 24, 2013 / 12:51 AM / in 4 years

Hong Kong shares may start lower on festering Fed fears

HONG KONG, Sept 24 (Reuters) - Hong Kong shares may start lower on Tuesday after comments from top U.S. Federal Reserve officials added to uncertainty about the Fed reducing its economic stimulus measures.

Influential New York Fed President William Dudley said on Monday the Fed must for now continue to push hard against threats to a U.S. recovery, but should still be able to reduce its support for the economy later this year.

On Monday, the Hang Seng Index ended a typhoon-shortened session down 0.6 percent at 23,371.5 points. The China Enterprises Index of the top Chinese listings in Hong Kong slipped 0.5 percent.

Elsewhere in Asia, Japan’s Nikkei was down 0.3 percent, while South Korea’s KOSPI was down 0.5 percent at 0040 GMT.


* China will raise prices for higher quality fuels starting from year-end, the National Development and Reform Commission (NDRC) said on Monday, a move aimed at encouraging oil firms to boost production of cleaner fuels to tackle air pollution. Prices for automotive diesel and gasoline that meet the national IV fuel standards will be raised by 290 yuan ($47.38) and 370 yuan per tonne respectively, the NDRC said in a statement.

* Most of China’s small and medium companies have seen profit growth slowing this year as costs rise and financing remains tight, the official Xinhua news agency said on Monday, citing a survey by the Ministry of Industry and Information Technology.

* Apple Inc sold 9 million new iPhones during their first three days in stores after China joined the list of launch countries for the first time, prompting the company to issue a rosier financial forecast.

* KKR & Co LP is leading a joint venture with China’s Modern Dairy Holdings Ltd and CDH Investments, a Chinese private equity firm, that plans to invest $140 million in two large dairy farms in China, said a person with direct knowledge of the matter.

* Hanergy Solar Group Ltd said it has launched its first two downstream solar projects in the mainland, a 100MW ground-mounted solar power plant in China’s Qinghai and a 20MW ground-mounted solar power plant in Xinjiang.

* The Hong Kong Parkview Group Ltd said it would buy commercial property assets from COFCO Land Ltd for HK$14.2 billion.(Reporting by Clement Tan and Donny Kwok; Editing by Eric Meijer)

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