May 30, 2012 / 1:17 AM / 5 years ago

Hong Kong shares seen weaker, 3-day rally at risk

HONG KONG, May 30 (Reuters) - Hong Kong shares could start
weaker on Wednesday, poised to halt a three-day winning streak,
with fears that Spanish banking woes could escalate the
country's borrowing costs crimping risk appetite.    	
    The official Xinhua news agency said after markets closed on
Tuesday that China had no plans for economic stimulus measures
on the scale of those seen in 2008.	
    On Tuesday, the Hang Seng Index rose 1.4 percent, 
the best single day gain this month. The index stood at
19,055.5, above the 50 percent Fibonacci retracement of its rise
from October lows to February highs, at about 18,996.	
    Elsewhere in Asia, Japan's Nikkei was down 0.8
percent and South Korea's KOSPI was down 1 percent at
0100 GMT.	
    	
    STOCKS TO WATCH: 	
   * China's top telecoms gear makers Huawei and ZTE 
  denied receiving illegal government
subsidies that helped them undercut rivals in recent years,
after media reported the European Union planned to take action
over unfair trade practices. 	
    * A Warren Buffett-backed Chinese automaker, BYD Co Ltd
, sought to defend the safety of its electric car on
Tuesday as police investigated the cause of a deadly accident in
which one of its vehicles caught fire. 	
    * Japan's Mitsui Chemicals Inc said on Tuesday it
and China Petroleum & Chemical Corp (Sinopec) have set
up a 50-50 joint venture in China to build a plant that will
make ethylene-propylene-diene terpolymer (EPT) for 2 billion
yuan ($315 million). 	
    * Ming Fung Jewellery Group Ltd said it entered
into an agreement to distribute jewellery items and watches from
Italian luxury jewellery brand Damiani exclusively in China and
has agreed to open at least 80 outlets in the country by March
2017, as the Hong Kong jeweller aims to broaden sources of
income. For statement click here
  	
	
 (Reporting by Clement Tan and Donny Kwok; Editing by Jonathan
Hopfner)

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