HK shares seen lower in lacklustre turnover
Hong Kong shares could resume their slide on Thursday, tracking weakness in US stocks after the Federal Reserve offered no clues on stimulus at its June meeting.
Turnover is likely to remain lacklustre ahead of a slew of Chinese economic figures on Friday, including second-quarter GDP data that is expected to show the weakest growth in at least three years.
Inner Mongolia Yitai Coal Co Ltd, Qualipak International Holdings Ltd and Silverman Holdings Ltd are expected to make their listing debuts.
On Wednesday, the Hang Seng Index broke a three-day losing streak, closing up 0.1 percent at 19,419.9. The China Enterprises Index of the top Chinese listings in Hong
Kong shed 0.1 percent.
Elsewhere in Asia, Japan’s Nikkei was down 0.2 percent, while South Korea’s KOSPI was flat at 0045 GMT.
FACTORS TO WATCH:
* Global PC shipments were flat in the second quarter, as economic uncertainty and a booming market for smartphones and tablets constrained growth, research firm Gartner Inc said. Hewlett-Packard Co’s shipments fell 12.1 percent as it faced aggressive pricing from Lenovo Group Ltd in the professional market. Asus was the most impressive performer, with an estimated 38.6 percent rise in shipments.
* China Ming Yang Wind Power Group Ltd said it had signed a cooperative agreement with Huaneng Renewables Corporation Ltd for the formation of joint venture on development of wind power and solar projects.
* Stocks of Chinese automakers are set to be in focus as China’s automobile sales growth lost further momentum as the country’s slowing economy sapped consumer sentiment. Overall sales, including those of passenger cars and commercial vehicles, grew 2.9 percent in the first half from a year earlier to 9.6 million vehicles, data released Wednesday by the China Association of Automobile Manufacturers (CAAM) showed. That compares with a 3.4 percent gain in the year-earlier period.
* Sun Hung Kai Properties, Asia’s largest property developer by market value, agreed to pay HK$6.9 billion ($889.8 million) for a huge waterfront plot in Hong Kong, a price far less than the market had expected.
* Xstrata said shareholders will vote on September 7 on the miner’s planned $26 billion takeover by Glencore, effectively giving the commodities trader and rival investor Qatar Holding six weeks to hammer out an agreement on the terms of the offer.
* Anton Oilfield Services Group said it expected its first-half profit to increase substantially from the year-ago period mainly due to higher revenue as it benefited
from the accelerated growth of natural gas development in China.
For statement, here
* Chow Tai Fook Jewellery Group Ltd said its revenue grew 16 percent for the quarter ended in June with same-store sales growth of 4 percent and same-store sales volume growth of 6 percent. It opened a net 47 points of sale (POS) during the quarter with a network of 1,674 POS. For statement, here
* Kingway Brewery Holdings Ltd said it expected to record a significant loss for the first half of 2012, swinging from a profit a year earlier, due to lower beer sales during the period and an increase in material prices.
http://www.reuters.com/article/2012/07/12/markets-hongkong-stocks-preopen-idUSL3E8IC01L20120712
Category: Hong Kong
