March 14, 2012 / 12:56 AM / 5 years ago

Hong Kong shares seen higher, poised to stretch winning streak

HONG KONG, March 14 (Reuters) - Hong Kong shares
should start higher on Wednesday, tracking Wall Street gains
after the U.S. Federal Reserve upgraded its view on the world's
largest economy and on encouraging U.S. retail data that should
bolster exporters.  	
    Chinese internet giant Tencent Holdings and Hong
Kong's Cathay Pacific Airways Ltd are among a clutch
of companies posting corporate earnings on Wednesday and could
come into focus.	
    On Tuesday, the China Enterprises Index of the top
mainland listings in the territory rose 1.2 percent. The broader
Hang Seng Index advanced 1 percent to 21,339.7, retracing
about two-thirds of a 4.3 percent slide early last week after
four straight gains. 	
    Short-selling interest decreased slightly on Tuesday from
Monday, but still accounted for 8.4 percent of total turnover in
Hong Kong. Turnover stayed below its moving 20-day average for a
fourth-straight day.	
     Elsewhere in Asia, Japan's benchmark Nikkei average 
was up 2 percent at 10,094.7, while the Korea Composite Stock
Price Index (KOSPI) was up 1.2 percent at 2,049.9 at
0043 GMT.	
    	
    FACTORS TO WATCH:	
    * Russian billionaire Viktor Vekselberg quit on Tuesday as
chairman of UC RUSAL, saying the heavily indebted
company was in deep crisis after a long battle with rival
oligarch Oleg Deripaska. Deripaska said he "would discuss"
buying out a stake in the world's largest aluminium producer
from Vekselberg.  	
    * High-end menswear retailer Trinity Ltd, which
completed its purchase of Italy's Cerruti fashion house last
year, on Tuesday posted a 50.5 percent rise in 2011 profit and
said it aimed to buy more luxury brands to fuel China expansion.
 	
    * Prudential , Britain's No. 1 insurer,
warned the European Union's strict Solvency II capital regime
for insurers could destroy its lucrative American business if EU
regulators do not recognise U.S. capital rules as equally
rigorous. Prudential made an operating profit of 2 billion
pounds ($3.12 billion) last year, in line with the consensus
forecast of analysts. 	
    * Chinese property developer Agile Property Holdings Ltd
 said it would issue $700 million 9.875 percent senior
notes due 2017, raising proceeds for purchase of new land sites,
refinancing and for general working capital purposes. For
statement, click here	
    * Oil explorer Kunlun Energy Co Ltd said it
expected to record a "material increase" in revenue and net
profit for 2011 as compared to 2010 resulting from the
completion of its acquisition of 60 percent stake in PetroChina
Beijing Gas Pipeline Co., Ltd. last December. For statement
click here	
    * Sportwear group 361 Degrees International Ltd 
said it planned to issue $150 million 4.5 percent convertible
bonds due 2017, raising proceeds to fund general corporate
development and working capital. For statement, click here
  	
    	
    MARKET SUMMARY:	
> Wall St rallies in 2012's best day, Citi falls late     	
> Dollar gains vs euro, yen as Fed outlook brightens    	
> Yields climb as Fed sees economic improvement          	
> Gold falls 2 pct as Fed easing hopes fade             	
> Oil ends at 11-month peak on economic data, Fed        	
	
 (Reporting by Clement Tan and Donny Kwok; Editing by Richard
Borsuk)

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