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Hong Kong shares may slip further from 20-mth high
January 28, 2013 / 1:00 AM / 5 years ago

Hong Kong shares may slip further from 20-mth high

HONG KONG, Jan 28 (Reuters) - Hong Kong shares may start weaker on Monday, slipping further from a 20-month high ahead of a week that could see trading focused on Friday’s U.S. non-farm payrolls data for January and ongoing Chinese corporate earnings.

Last Friday, the Hang Seng Index eased 0.1 percent to 23,580.4. It closed at a 20-month high last Tuesday, but failed to hold above chart resistance at about 23,708, the peak on May 31, 2011. The benchmark lost 0.1 percent last week.

Elsewhere in Asia, Japan’s Nikkei was up 0.2 percent, while South Korea’s KOSPI was down 0.6 percent at 0047 GMT.


* Huaneng Power International Inc , China’s largest independent power producer, expects 2012 net profit to have increased by over 340 percent from 2011 due to the carryover effect of tariff adjustments in 2011, it said in a filing sent to the Hong Kong Stock Exchange on Sunday.

* Sweden’s Volvo said it will surpass Daimler as the world’s biggest maker of heavy trucks after agreeing to set up a joint venture in China with Dongfeng Motor Group Co.

* CMA-CGM, the world’s third-largest container shipper, said it has agreed to sell a 49 percent stake in its Terminal Link division for 400 million euros ($535 million) to China Merchants Holdings (International).

* Guangzhou Automobile Group, one of China’s big state-owned auto enterprises, said it expects 2012 net profit to decline by 70 to 80 percent from a year earlier, due to reduced sales after a political dispute between Japan and China over some East China Sea islands.

* China Cosco Holdings Co Ltd , operator of the world’s largest bulk cargo fleet, said on Friday that it expects to post a huge loss for the full year 2012 as the dry bulk cargo market remained sluggish.

* CNOOC said it and Nexen have mutually agreed to extend the “Outside Date” of an arrangement agreement in realtion to the takeover of the Canadian oil and gas producer by 30 days to March 2, 2013 as additional time is required to obtain relevant regulatory approval.

* Yashili International Holdings Ltd said its largest New Zealand supplier of milk powders Fonterra had confirmed that no raw milk products detected with dicyandiamide residues were supplied to the company.

* China Metal Recycling (Holdings) Ltd said state-owned enterprise China Energy Conservation and Environmental Protection Group would buy 341.17 million existing shares, or 29 percent, of the company for HK$3.4 billion, becoming the largest shareholder of the scrap metal recycling company.(Reporting by Clement Tan and Donny Kwok; Editing by Richard Pullin)

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