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Hong Kong shares seen higher, China trade data in focus
July 10, 2012 / 1:02 AM / 5 years ago

Hong Kong shares seen higher, China trade data in focus

HONG KONG, July 10 (Reuters) - Hong Kong shares could start
slightly higher on Tuesday ahead of China trade data expected
later in the day that could stoke concerns that monetary and
fiscal policy easing has failed to head off hard landing risks
for the economy.
    The strength of China's imports will offer a litmus test of
domestic demand in the world's second biggest economy when trade
data for June is published on Tuesday, as global investors seek
to gauge Beijing's ability to avoid a deep downturn in growth.
    On Monday, the Hang Seng Index closed down 1.9
percent at 19,428.1, back below its 200-day moving average,
currently at 19,559.2. This level is now seen offering near-term
chart resistance. 
    Elsewhere in Asia, Japan's Nikkei was up 0.7 percent
while South Korea's KOSPI was up 0.2 percent as of 0047
    * Shares of personal computer-related stocks are expected 
to be in focus after chipmaker Advanced Micro Devices 
warned on Monday that its second-quarter revenue would be down
about 11 percent from the prior quarter due to
softer-than-expected sales in China and Europe. 
    * London Metal Exchange (LME) shareholders will vote on July
25 on a 1.4 billion pound ($2.2 billion) takeover offer by the
Hong Kong Stock Exchange, which could deliver a payout
of 7.4 million pounds for the LME's chief executive.
    * Prudential Plc and Manulife are among
four potential buyers that have made it through to a second
stage of bidding for Aviva's insurance business in
Malaysia in a deal worth about $500 million, sources said. AIA
Group Ltd and Sun Life Financial Inc have
also been short-listed in an auction process that attracted
about 10 suitors in the first round, the sources added.
    * China's top refiner Sinopec Corp will lift less
crude oil from Saudi Arabia for August because of refinery
maintenance although the cuts will be less than that for July,
an industry source said on Monday. 
    * Nigeria's supreme court has ordered Russia's RUSAL
, the world's largest aluminium producer, be stripped
of ownership of the former state-owned Aluminium Smelter Company
of Nigeria (ALSCON) because the assets should have gone to
another bidder. 
    * Chinese sportswear brand Li Ning Co Ltd said 
its licensee LN PLUS IBEROAMERICA S.L announced bankruptcy due
to deteriorating market conditions in Spain. Li Ning said it had
directly handled sponsorship agreements with the Spanish
Basketball Federation and said Li Ning brand's revenue from
Spain accounts for a minute portion of its business as a whole. 
    * China WindPower Group Ltd said it expected to
record a significant drop in first half net profit due to
falling gains from disposals of interests in wind power projects
and reduced electricity output from its units. For statement, here
    * Chaowei Power Holdings Ltd, a lead-acid battery
producer for electric vehicles, said it expected to see its
revenue and net profit for the first half of 2012 more than
doubled as compared with a year ago period due to an increase in
sales, expansion of production capacity and an increase in
market share. For statement, here
    * Skyworth Digital Holdings Ltd said its China TV
business unit recorded 10 percent year-on-year growth in its
sales volume of flat panel TVs in June and overall TV sales
volume growth of 19 percent for the month. It said overall 
sales revenue from TV sets for June rose 10 percent
year-on-year. For a statement, here
    * Semiconductor Manufacturing International Corporation
 said Gareth Kung has been appointed as the Chief
Financial Officer of the Company with effect from 9 July 2012.
For statement, htt p://

 (Reporting by Clement Tan and Donny Kwok; Editing by Eric

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