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Hong Kong shares seen higher, turnover low ahead of U.S. election
November 6, 2012 / 1:16 AM / 5 years ago

Hong Kong shares seen higher, turnover low ahead of U.S. election

HONG KONG, Nov 6 (Reuters) - Hong Kong shares could start slightly higher on Tuesday but gains are likely to be capped at 2012 highs, with turnover likely to stay weak during U.S. presidential elections and a once-in-a-decade leadership transition in China this week.

On Monday, the Hang Seng Index slipped 0.5 percent from a 15-month high to 22,006.4 points, after recording a 2.6 percent gain last week. The index is up nearly 20 percent this year.

Elsewhere in Asia, Japan’s Nikkei was down 0.4 percent, while South Korea’s KOSPI was up 0.2 percent at 0051 GMT.


* China Agri-Industries Holdings Ltd said it planned to raise up to HK$4.49 billion ($579.35 million) in a rights issue of shares for payment of a possible redemption of convertible bonds and for working capital.

* A U.S. fine for violating federal anti-money laundering laws could cost HSBC Holdings significantly more than $1.5 billion and is likely to lead to criminal charges as well, Europe’s biggest bank said on Monday. HSBC will also defer a decision on whether to move its headquarters from London until 2015 because of regulatory uncertainty, chairman Douglas Flint told British lawmakers on Monday. HSBC said more job cuts are likely across the bank to achieve its cost efficiency targets.

* French lender Credit Agricole sealed the $1.25 billion sale of Asian brokerage CLSA to China’s CITIC Securities on Monday, marking another pullback from its international business in the wake of the euro zone crisis.

* Coal miner SouthGobi Resources Ltd said Chief Financial Officer Matthew O‘Kane has resigned, months after the company fired its chief executive after Aluminum Corp of China Ltd (Chalco) dropped a $926 million bid.

* SMIC said its quarterly revenue was at $461.2 million. It sees fourth quarter revenue to be flat to up 2 percent, and gross margin to range from 18 percent to 20 percent.

* China’s Guangzhou Automobile Group Co Ltd and Chery Automobile Co Ltd are expected to announce as early as Tuesday a broad alliance involving technology sharing and sales cooperation.

* Kazakhstan’s largest copper producer, Kazakhmys Plc , aims to export raw material concentrates to China as two large new mines are expected to come online in 2015 or 2016, the company’s chief financial officer said on Monday.

* China Longyuan Power Group Corp Ltd said its net profit for January-September rose 7.5 pct to 1.72 billion yuan.

* Aluminum Corp of China Ltd (Chalco) is willing to get involved in the Oyu Tolgoi copper project in Mongolia, owned by Turquoise Hill Resources Ltd, the firm’s senior vice president Liu Xiangmin said on Monday.

* Samsonite International S.A. said its net sales for the three months ended in September, including foreign currency effects, increased 7.3 percent year-on-year to $451 million. Net sales in Asia rose 14.8 percent, North America climbed 17.4 percent while Europe fell 7.6 percent.(Reporting by Clement Tan and Donny Kwok; Editing by Paul Tait)

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