Hong Kong shares set for 3rd straight gain

HONG KONG Tue Nov 20, 2012 1:05am GMT

Related Topics

HONG KONG Nov 20 (Reuters) - Hong Kong shares look set to post a third-straight daily gain on Tuesday, helped by hopes for a political compromise that could help avert a looming U.S. fiscal crisis.

On Monday, the Hang Seng Index closed up 0.5 percent, rising for a second session after hitting a one-month low last Thursday. The China Enterprises Index of the top Chinese listings in Hong Kong also rose 0.5 percent.

Elsewhere in Asia, Japan's Nikkei was up 0.2 percent, while South Korea's KOSPI was up 0.7 percent at 0053 GMT.

HIGHLIGHTS:

* GOME Electrical Appliances Holdings Ltd, China's No.2 home appliance retail chain operator, swung to a loss in the third quarter from a profit a year earlier due to sluggish demand, rising costs and a loss at its e-commerce business.

* China's CITIC Pacific has filed a court injunction against Australian mining magnate Clive Palmer over disputed royalties at the $8 billion Sino Iron project in Western Australia, the latest in a long list of hurdles for the troubled project.

* Total is selling a 20 percent stake in a Nigerian offshore oil field to China's Sinopec in a $2.5 billion deal which will help the French oil group fund its ambitious exploration plans.

* Huabao International Holdings Ltd, which produces and supplies flavours and fragrances for food, tobacco, and household products, said its half-year net profit fell 3.7 percent to HK$784.9 million.

* Brazil's environmental regulator gave the world's No. 2 mining company Vale a green light on Monday to expand the Carajas railroad, a key part of its plans to increase iron ore output in the Amazon.

* China Shipping Container Lines Co Ltd said it would sell 139,941 containers with an aggregate capacity of 210,000 TEUs, or 20 percent of the containers owned by the company at end-2011, for $358.6 million.

* Next Media Ltd said it had not yet signed any definitive agreement to sell its print and television business in Taiwan. But the parties concerned agreed to continue talks with a view to entering into definitive agreements by Nov. 27. Trading in its shares is expected to resume on Tuesday.

* Beijing Capital Land Ltd said it would issue CNY-denominated guaranteed bonds to raise working capital. The principal amount, the offer price and the interest payable in respect of the bonds will be determined through a book-building exercise. HSBC is the sole global coordinator and sole bookrunner for the issue.

FILED UNDER: