HONG KONG, Nov 4 (Reuters) - Hong Kong shares may rise on

Wednesday on bargain hunting after the market's fall in the last

two sessions, with China Unicom in focus after it

signed up over one million 3G subscribers.

Analysts said, however, handset subsidies and marketing costs

may weigh on profit margins of China Unicom, China's No. 2 mobile

carrier.

The market will be closely watching the outcome of the

Federal Reserve meeting later in the day.

The benchmark Hang Seng Index closed down 1.76 percent

on Tuesday, its second day of decline. The index had fallen 2.36

percent in the last two days.

STOCKS TO WATCH:

* Chinese oil refiner Sinopec said it will buy

about one million barrels per day of crude from Saudi Arabia next

year, a volume nearly 30 percent above the current rate. The firm

expects its refining business to stay profitable in the last

quarter.

* Asia Resources Holdings said it would buy a 55

percent stake in a mining and iron ore trading venture in East

Java province in Indonesia for HK$577.5 million, a deal to be

settled by issue of convertible note and in cash. For statement

please click

http://www.hkexnews.hk/listedco/listconews/sehk/20091103/LTN200911031018.pdf

* China Overseas Land said it had successfully bid

for a piece of land in Jiangbei City in Chongqing for 4.1 billion

yuan. The firm will team up with Wharf to jointly

develop the site into residential and office properties. For

statement please click

http://www.hkexnews.hk/listedco/listconews/sehk/20091103/LTN200911031016.pdf

* Dongfeng Motor Group said its net profit for the

first nine months of the year amounted to 4.63 billion in

accordance to Chinese accounting standards. It gave no comparison

figures. For statement please click

http://www.hkexnews.hk/listedco/listconews/sehk/20091103/LTN20091103922.pdf

* Huadian Power said it would buy from XinKuang

Inner Mongolia Energy Co a 35-percent stake in Inner Mongolia

Fucheng Mining Co Ltd for 498 million yuan and a 25-percent stake

in Inner Mongolia Ertuokeqianqi Changcheng Mine Co Ltd for 180

million yuan. For statement please click

http://www.hkexnews.hk/listedco/listconews/sehk/20091103/LTN20091103919.pdf

* Mobile handset maker TCL Communications Technology said it planned to raise HK$357.5 million by offering

shares at HK$1 each. For statement please click

http://www.hkexnews.hk/listedco/listconews/sehk/20091103/LTN20091103860.pdf

----------------------MARKET SNAPSHOT @ 2307 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG

S&P 500 1045.41 0.24% 2.530

USD/JPY 90.28 -0.02% -0.020

10-YR US TSY YLD 3.4689 -- 0.000

SPOT GOLD 1083.1 -0.13% -1.400

US CRUDE 79.5 -0.13% -0.100

DOW JONES 9771.91 -0.18% -17.53

-------------------------------------------------------------

> S&P 500, Nasdaq end higher on deal news

> US dollar rises to 1-mo highs on banking worries

> Prices dip as traders prepare for supply, Fed

> Gold sweeps to record high above $1,080

> Oil rises 2 pct on U.S. factory data, gold surge

(Reporting by Jun Ebias; Editing by Valerie Lee)

((jun.ebias@thomsonreuters.com; +852 2843 6537; Reuters

Messaging: jun.ebias.reuters.com@reuters.net))

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