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HK shares may rise on Wall St's gains; exporters eyed
November 18, 2009 / 1:19 AM / 8 years ago

HK shares may rise on Wall St's gains; exporters eyed

 HONG KONG, Nov 18 (Reuters) - Hong Kong stocks could rise on Wednesday, spurred by a rise on Wall Street to 13-month highs, while exporters such as Li & Fung (0494.HK) could come under pressure after gloomy forecasts for U.S. holiday spending.
 HSBC (0005.HK) would also be eyed after North America Chief Executive Brendan Mcdonagh said favorable business trends seen in the third quarter have continued in the fourth, but warned that the recovery in consumer spending was at very early stages. [ID:nN1767843]
 "The positive sentiment in Hong Kong is still intact," said Patrick Yiu, managing director at CASH Asset Management. "The Hang Seng index will have a chance again to retest the 23,000 level today."
 U.S. shares climbed on Tuesday as upbeat broker views on improving prospects for two Dow components offset disappointing holiday spending outlooks from retailers Target and Home Depot. [ID:nN17542259]
 The benchmark Hang Seng Index .HSI closed down 0.13 percent on Tuesday to 22,914.15, after briefly hitting the 23,000 level for the first time in over a year.
 The China Enterprises Index .HSCE of top locally listed mainland Chinese stocks slid 0.14 percent.
 * Chinese gold miners, including Zijin Mining (2899.HK), will be in focus after gold prices touched a record high. [ID:nT199701]
 * Chinatrust Financial (2891.TW), which lost a bid to acquire AIG's (AIG.N) Taiwan life insurance unit, said it agreed to buy a 30 percent stake of it for $660 million from China Strategic (0235.HK). In exchange, China Strategic would take a 9.95 percent Chinatrust stake, worth about T$20.8 billion ($648 million), via a private placement. [ID:nTP221742]
 * Automobile axles maker Far East Golden Resources (1188.HK) said it would team with Shenyang-EU Economic Development Zone, a provincial-level development zone, for setting up a manufacturing base for hybrid eco-friendly automotive propulsion system with an initial targetted capacity of 1,000,000 packs per annum and an initial investment of 10 billion yuan ($1.47 billion). For statement please click here
 * Melco International (0200.HK) said its 33.48 percent owned Melco Crown Entertainment MPEL.O a recorded US$39.5 million net loss for the third quarter of 2009, compared with a US$21.1 million loss the same period a year ago, due to higher depreciation and amortization expenses and lower capitalized interest following the opening of City of Dreams. Net revenue surged 70 percent year-on-year during the quarter to US$500.3 million, driven by the opening of City of Dreams in June 2009. For statement please click here
 * Chinese real estate developer Shanghai Forte (2337.HK) said its contractual sales area in October rose to 91,879 square metres, from 25,739 square metres a year ago, with sales amounting to 1.27 billion yuan, compared with 264 million yuan a year ago. For statement please click here
 * Property investment and iron mining firm North Mining Shares Co Ltd (0433.HK) said its molybdenum mine in Baishan City in China's Jilin province, for which it has exploration rights, contains gold, molybdenum and other precious metals with estimated reserves of over 10 tonnes of gold and over 400,000 tonnes of molybdenum. For statement please click here
 * China Starch Holdings Ltd (3838.HK), a partner of the world's largest dextrose and cornstarch producer, Corn Products International Inc CPO.N in China, said it aims to lead the domestic market share by taking over rivals. [ID:nHKG173553]
 * China Metal Recylcing 0773.HK said it will engage auditor Deloitte Touche Tohmatsu to review the financial results for nine months ended Sept 30. It said its chairman had bought 1.09 million company shares at HK$9.70 on Tuesday, raising his stake to 62.29 percent from 62.10 percent. The firm had said earlier that its executive director, Wong Hok Leung, resigned because he had been denied access to the financial information of the company and was no longer able to properly discharge his duties as a director. For statement please click here   
 ---------------------MARKET SNAPSHOT @ 2302 GMT ------------
                INSTRUMENT   LAST       PCT CHG   NET CHG S&P 500             .SPX       1110.32      0.09%     1.020 USD/JPY             JPY=       89.31        0.08%     0.070 10-YR US TSY YLD    US10YT=RR  3.3232          --     0.000 SPOT GOLD           XAU=       1140.75     -0.07%    -0.750 US CRUDE            CLc1       79.33        0.24%     0.190 DOW JONES           .DJI       10437.42     0.29%     30.46 ------------------------------------------------------------- >Wall St gains on broker views, but retailers sink       [.N] >Dollar gains as market weighs Bernanke comments       [USD/] >Weak production figures aid bonds                      [US/] >Gold ends a shade higher despite dollar's strength    [GOL/] >Oil rises above $79, eyes product demand              [O/R]
 (Reporting by Jun Ebias; Editing by Ken Wills)                                 

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