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Hong Kong shares seen higher, CNOOC, Belle earnings eyed
August 21, 2012 / 1:01 AM / 5 years ago

Hong Kong shares seen higher, CNOOC, Belle earnings eyed

HONG KONG, Aug 21 (Reuters) - Hong Kong shares may edge up
on Tuesday, but gains are seen capped at resistance that have
bounded the Hang Seng Index for the past two weeks, with
investors' focus likely trained mainly on corporate earnings,
    Chinese oil giant CNOOC Ltd, China-focused
footwear distributor Belle International and China
Rongsheng Heavy Industries Group are among companies
expected to post their second-quarter results.
    On Monday, the Hang Seng Index edged down 0.06
percent to 20,104.27, paring midday losses to return above the
20,000-point level. 
    Chart resistance is seen at around 20,300, which has capped
gains on the benchmark index for more than two weeks.
    Turnover neared 2012 lows, but short selling interest stayed
high. Shorts accounted for 11 percent of total turnover on
Monday, above the historical 8 percent average. 
    Elsewhere in Asia, Japan's Nikkei was down 0.1
percent, while South Korea's KOSPI was up 0.4 percent at
0045 GMT.
    
    HIGHLIGHTS:
    * Coal-fired electric power plant operator Datang
International Power  posted a 24 percent
rise in first-half net profit to 1.15 billion yuan.
 
    * China's state-owned PICC Property and Casualty Co Ltd
 reported a 23.6 rise in net profit for the first six
months of the year on Monday, driven by steady growth in auto
insurance sales and tighter underwriting standards.
 
    * Property developer Hopewell Holdings Ltd said
its profit for the full year ended June fell 35 percent year on
year to HK$3.6 billion. 
    * Instant noodle maker Tingyi Holdings Corp posted
its first annual profit decline in three quarters, but shares
hit a 3-month high on Monday on optimism cost controls will
improve margins for the rest of the year. 
    * Henderson Investment Ltd warned of a substantial
decrease in profit attributable to equity shareholders for the
six months ended 30 June, as compared to HK$56 million in a year
ago period, as it failed to put forward any formal proposal or
compensation offer regarding toll fee collection rights of
Qianjiang Third Bridge in China's Hangzhou. For statement, here

 (Reporting by Clement Tan and Donny Kwok; Editing by Richard
Pullin)

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