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Hong Kong shares seen higher, Chinese exporters in focus
March 20, 2012 / 1:01 AM / 6 years ago

Hong Kong shares seen higher, Chinese exporters in focus

HONG KONG, March 20 (Reuters) - Hong Kong shares are poised
to start higher on Tuesday, tracking Wall Street gains, with
Chinese exporter-related names in focus after mainland media
reported Beijing could introduce measures in April to stablise
    China Telecom, Huaneng Power, Hutchison
Telecommunications and New China Life Insurance
 are among a flurry of companies posting corporate
earnings on Tuesday. 	
    On Monday, the China Enterprises Index of the top
mainland listings in Hong Kong declined 1.6 percent, while the
broader Hang Seng Index lost 1 percent. 	
    Short selling interest accounted for 8.9 percent of total
turnover, the highest in more than a week. Turnover in Hong Kong
neared a two-month low on Monday. 	
    Elsewhere in Asia, Japanese markets are closed for a public
holiday, while the Korea Composite Stock Price Index (KOSPI)
 was up 0.2 percent at 2,046.4 at 0030 GMT.  	
    * China's thermal coal prices are likely to ease further
this year as the country's economic growth slows, a good sign
for the world's second-largest power industry, a top Chinese
power company executive said on Monday. Wang Yu Jun, chief
executive officer of state-run power producer China Resources
Power Holdings Co Ltd, said spot thermal coal prices
in China have fallen sharply and the trend would continue as
demand weakens. 	
    * SouthGobi Resources Ltd  posted a
narrower fourth-quarter loss helped by a rise in average
realized prices, and the Canadian coal miner forecast strong
demand due to its mines' proximity to China. 	
    * RUSAL, the world's top aluminium maker, took a
$1.4 billion hit in its 2011 financials on Monday on the value
of its stake in Norilsk Nickel, whose fate is at the
centre of a row between two Russian billionaire shareholders.
    * Hotel owner and operator Shangri-La Asia Ltd 
said its 2011 profit fell 11.9 percent to $253 million while
revenue increased to $1.91 billion from $1.58 billion in 2010.
    * Hong Kong and China Gas Co Ltd posted a 10
percent rise in 2011 profit to HK$6.15 billion and it also
proposed a one-for-10 bonus share issue and a special dividend
of HK$0.175 per share. 	
    * ENN Energy Holdings Ltd and China Petroleum &
Chemical Corp said ENN would postpone the despatch of
a shareholders' circular related to an offer to China Gas to no
later than April 30. For statement click here	
    * Sun Hung Kai Properties Ltd said its executive
director Thomas Chan had been arrested by the Independent
Commission Against Corruption on March 19. The developer said it
has set up a special committee to handle the investigation and
that the arrest would not affect its normal business and
operations. For statement click here	
    * Li & Fung Ltd said it welcomed a court ruling
that it should not pay Hong Kong tax on profits earned offshore.
 For statement click here	
> S&P in 10 pct of record high;Apple up on divide 	
> Bonds resume sell-off,yields hit 4-1/2 mth high 	
> Euro hits more than one-wk high against dollar 	
> Brent dips, US oil rises on refinery problems  	
 (Reporting by Clement Tan and Donny Kwok; Editing by Jonathan

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