Hong Kong shares seen lower, turnover likely low
June 25 |
June 25 (Reuters) - Hong Kong shares could start slightly weaker on Monday, with turnover likely to remain low ahead of a slew of economic data from the United States and China later this week.
Last Friday, the Hang Seng Index slipped 1.4 percent to 18,995.1. It shed 1.2 percent for the week after twice failing to move above chart resistance at its 200-day moving average, currently at about 19,582.
Losses on Friday were limited to the 50 percent Fibonacci retracement of the benchmark's rise from October lows to February highs at about 18,963.
Elsewhere in Asia, Japan's Nikkei was down 0.2 percent on Monday and South Korea's Kospi was down 1.5 percent by 0030 GMT.
STOCKS TO WATCH:
* Suzlon Group, which controls wind-turbine maker Suzlon Energy, said on Saturday it will sell a stake in its China manufacturing unit to China Power New Energy Development Co. Ltd. for 3.4 billion rupees ($60 million).
* Huawei Technologies Co Ltd, the world's No.2 telecom gear maker, has denied using Chinese subsidies to gain global market share after it was accused by U.S. lawmakers and EU officials of unfair competition.
* Chinese developer Sunac China Holdings agreed on Friday to pay 3.37 billion yuan ($529 million) in cash to buy stakes in property projects owned by debt-laden luxury home builder Greentown China.
* Evergrande Real Estate, China's No.2 property developer by sales, said on Friday it may take legal action against a short seller that accused it of fraud, bribery and financial irregularity, and may buy back some of its shares.
* Lenovo Group Ltd said it has not made any downward revision to its personal computer shipment forecast for the remainder of 2012 and it believes that it will continue to outgrow the global personal computer market. For statement clicks here
* Shangri-La Asia Ltd said it would buy the Shangri-La Hotel in Sydney from Singapore-based Reco Martin Private Limited for A$352 million in a bid to obtain full control of the hotel and to strengthen its presence in Australia. For statement clicks here
* Asia Satellite Telecommunications Holdings Ltd said it will record a provision in relation to an Indian tax to be reflected in the forthcoming interim results but it said the impact on the consolidated statement of comprehensive income in respect of the liability covered by this provision will not be material. For statement click here (Reporting by Clement Tan and Donny Kwok; Editing by Richard Pullin)
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