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Hong Kong shares seen flat after hitting 4-month high
September 17, 2012 / 1:17 AM / 5 years ago

Hong Kong shares seen flat after hitting 4-month high

HONG KONG (Reuters) - Hong Kong shares are likely to start the week flat or slightly higher on Monday, as investors pause after consecutive weekly gains lifted the Hang Seng Index to a four-month high last week.

Traders take part in the afternoon trading at the Hong Kong Stock Exchange August 8, 2012. REUTERS/Bobby Yip

The Chinese territory’s de facto central bank last week ordered banks to curb home loans to borrowers with more than one mortgage in order to prevent the city being flooded with hot money after the United States announced an aggressive new stimulus plan to spur growth.

On Friday, the Hang Seng Index .HSI closed up 2.9 percent at 20,629.8, its highest since early May. It rose 4.2 percent last week, its strongest weekly performance since it posted a 4.7 percent rise in mid-January.

Elsewhere in Asia, South Korea’s KOSPI was up 0.1 percent at 8.59 p.m. EDT. Japan’s financial markets are closed for a public holiday.

FACTORS TO WATCH:

* Las Vegas Sands (LVS.N) deceived a Nevada court in an attempt to stall a lawsuit by the former head of its Macau operations, a state judge ruled on Friday, fining the casino operator and abridging its right to object in a fight over key evidence. The ruling gives former Sands China (1928.HK) Chief Executive Steve Jacobs new room to pursue his wrongful termination case, which has become a public fight over the leadership and business methods used by Sands Chief Executive Sheldon Adelson.

* Russia’s RUSAL (0486.HK), the world’s largest aluminum producer, wants Chinese companies to consider investing in new smelting projects in Siberia, a senior executive of the metal company said.

* The Canadian government’s decision on whether to allow a $15.1 billion takeover of Canadian oil producer Nexen Inc NXY.TO by China’s CNOOC Ltd (0883.HK) is important for the future of the country, Finance Minister Jim Flaherty said on Friday.

* Singapore’s Fraser and Neave (FRNM.SI) has agreed to sell its 56.05 percent stake in Frasers Property (China) Ltd (0535.HK) for S$261 million ($212 million)to a unit of Shanghai-listed Gemdale Corporation (600383.SS), as it streamlines its property business in China.

* China Construction Bank (601939.SS)(0939.HK) wants to expand its overseas presence through organic growth and acquisitions, and aims to wrap up a takeover deal this year, C ha irman Wang Hongzhang told Reuters.

* Sunshine Oilsands Ltd (2012.HK) said it would repurchase of up to 50 million Canadian dollar worth of Class A Common voting shares through open market on the facilities of the Stock Exchange of Hong Kong Limited. For statement, here

* Melco International Development Ltd (0200.HK) said its major shareholder Lawrence Ho would exercise holdings of HK$1.175 billion worth of Convertible Loan Notes into about 298.98 million new shares, raising his shareholding in the company to about 48.5 percent from 36 percent. For statement, here

* Chinese Estates Holdings Ltd (0127.HK) said it had on Sept 14 lodged an appeal to the Court of Second Instance of Macau against the government decision in relation to a land project. For statement clicks here

Reporting by Clement Tan and Donny Kwok; Editing by Daniel Magnowski

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