Hong Kong shares may edge up, U.S. fiscal fears to dampen turnover

Wed Nov 21, 2012 1:09am GMT

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HONG KONG, Nov 21 (Reuters) - Hong Kong shares may start
slightly higher on Wednesday, although lingering concerns over
fixing the U.S. "fiscal cliff" are likely to crimp turnover.    
  
    Chinese equipment maker Zhengzhou Coal Mining Machinery
Group Co Ltd is set to launch an up to $350 million
Hong Kong stock offering on Wednesday, joining a number of
companies lining up to raise funds before the end of the year.
    
    On Tuesday, the Hang Seng Index closed down 0.2
percent at 21,228.3. The China Enterprises Index of the
top Chinese listings in Hong Kong shed 0.6 percent.
 
    Elsewhere in Asia, Japan's Nikkei was up 0.8
percent, while South Korea's KOSPI was up 0.4 percent at
0052 GMT.
        
    FACTORS TO WATCH:
    * Shareholders in Xstrata prompted the resignation
of the miner's chairman on Tuesday as they voted through a $31
billion takeover by trader Glencore  but twice
snubbed a controversial pay plan to retain key managers.
 
    * China's CNOOC is still discussing Canadian
demands on jobs and investment as it negotiates terms for its
$15 billion bid for oil and gas producer Nexen Inc, a
source familiar with the negotiations said on Tuesday.
 
    * China Resources Gas Group Ltd said on Wednesday
it would sell 160 million new shares to its controlling
shareholder, CRH (Gas) Ltd at HK$16.95 per share, raising HK$2.7
billion ($348 million) to fund the acquisition of downstream
city gas distribution businesses in China.   
    
    * Agricultural Bank of China Ltd, China's No.3
lender, said on Tuesday it had received regulatory approval for
its purchase of 51 percent of insurer Jiahe Life for 2.59
billion yuan. 
    * Angang Steel Co Ltd said it would sell its 45
percent interest in Tianjin Angang Tiantie Cold Rolled Sheets
Co. Ltd to the company's controlling shareholder Anshan Iron and
Steel Group for 1.18 billion yuan ($189 million), as it aims to
focus on developing its domestic sales and distribution network.* China Gas Holdings Ltd said it expected to
record a significant increase in net profit for the six months
to end-September due to a better-than-expected operating
performance.* CITIC Pacific Ltd said it would acquire a 99.2
percent equity interest in Shanghai Xintai Property Co Ltd,
which owns two pieces of land in Shanghai World Expo site, for
1.24 billion yuan.($1 = 6.2326 Chinese yuan)
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