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)) ASIA-PACIFIC STOCK MARKETS: Pan-Asia...... Japan........ S.Korea.... S.E. Asia............ Hong Kong... Taiwan..... Australia/NZ......... India....... China...... OTHER MARKETS: Wall Street........... Gold......... Currency.. Eurostocks........... Oil........... JP bonds... ADR Report.......... LME metals.. US bonds... Stocks News US... Stocks News Europe... DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Taiwan diary Wall Street Week Ahead Eurostocks Week Ahead World forecasts TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt Hong Kong Dollar LME price overview Keywords: MARKETS HONGKONG STOCKS (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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)) ASIA-PACIFIC STOCK MARKETS: Pan-Asia...... Japan........ S.Korea.... S.E. Asia............ Hong Kong... Taiwan..... Australia/NZ......... India....... China...... OTHER MARKETS: Wall Street........... Gold......... Currency.. Eurostocks........... Oil........... JP bonds... ADR Report.......... LME metals.. US bonds... Stocks News US... Stocks News Europe... DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Taiwan diary Wall Street Week Ahead Eurostocks Week Ahead World forecasts TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt Hong Kong Dollar LME price overview Keywords: MARKETS HONGKONG STOCKS (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
