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Hong Kong shares seen lower, may post 4th loss in 5 days
November 14, 2012 / 1:22 AM / 5 years ago

Hong Kong shares seen lower, may post 4th loss in 5 days

HONG KONG, Nov 14 (Reuters) - Hong Kong shares could suffer their fourth loss in five days on Wednesday with a looming fiscal crisis in the United States and uncertainties over the timing of aid payments to Greece likely to continue to prompt profit-taking.

Chinese internet giant Tencent Holdings is expected to post third-quarter earnings later in the day and could come under after some pressure after sector peer, Baidu fell 6 percent overnight.

On Tuesday, the Hang Seng Index shed 1.1 percent. The China Enterprises Index of the top Chinese listings in Hong Kong dived 2 percent. Tuesday’s losses took both indexes to their lowest closes since mid-October.

Elsewhere in Asia, Japan’s Nikkei was up 0.1 percent, while South Korea’s KOPS was down 0.4 percent at 0059 GMT.

FACTORS TO WATCH:

* Asia’s largest refiner, China’s Sinopec, will boost refining capacity at its Yangzi Petrochemical unit by more than half to 250,000 barrels per day (bpd) in mid-2014, and may submit its ethylene expansion plan to environment officials by the end of the year, the head of the subsidiary said.

* Russian tycoon Oleg Deripaska appears to have tightened his grip on aluminium giant RUSAL after seeing off the chief executive of rival shareholder Onexim, who has left the board.

* Coal miner SouthGobi Resources Ltd , caught in a dispute with the Mongolian government that has closed its only producing mine, reported a quarterly loss and warned operations would likely remain suspended in the fourth quarter.

* Hong Kong’s Li & Fung Group is in talks to acquire South Korean children’s apparel maker Suhyang Networks for roughly 200 billion won ($183.73 million), a South Korean newspaper reported on Tuesday.

* Yancoal Australia, controlled by China’s Yanzhou Coal Mining Co , said on Tuesday that Japanese customers have been turning down coal from the company as a result of the Sino-Japanese territorial row in the East China Sea.

* Department store operator Lifestyle International Holdings Ltd said its Lifestyle Properties has submitted a listing application on the main board of Hong Kong stock exchange.

* Personal care products maker Prince Frog International Holdings Ltd said it would cease its non-core household hygiene products business operations from January.(Reporting by Clement Tan and Donny Kwok; Editing by Edwina Gibbs)

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