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Hong Kong shares seen range-bound ahead of FOMC meeting, jobs data
July 30, 2013 / 1:01 AM / 4 years ago

Hong Kong shares seen range-bound ahead of FOMC meeting, jobs data

HONG KONG, July 30 (Reuters) - Hong Kong shares will likely trade in a recent range on Tuesday as investors mark time until the outcome of the U.S. Federal Reserve policy meeting and key U.S. jobs data later in the week.

Huaneng Power and Shandong Xinhua Pharmaceutical are among companies due to report their interim earnings later in the day. A weak mainland Chinese market may weigh on Hong Kong, with cash rates closely watched as the month draws to a close.

On Monday, the Hang Seng Index slipped 0.5 percent to 21,850.15 points, staying in the same 300-point range for about a week. The China Enterprises Index of the top Chinese listings in Hong Kong fell 1.2 percent.

Elsewhere in Asia at 0035 GMT, Japan’s Nikkei and South Korea’s KOSPI were each up 0.3 percent.


* Foreign carmakers are reaping exorbitant profits selling imported luxury cars in China and should face an anti-trust investigation, the official Xinhua News Agency said, in what may amount to a shot across the bow of foreign auto firms.

* Beijing Enterprises Holdings Ltd said on Tuesday it would buy from its parent company 22.01 percent of city gas pipelines operator China Gas Holdings Limited for HK$8.22 billion ($1.06 billion) to strengthen its position in the Chinese natural gas sector.

* Hong Kong’s securities regulator appointed a liquidator and applied to a court to wind up China Metal Recycling (Holdings) Ltd, the first time the watchdog has used its powers to try to force a listed company into liquidation.

* China National Petroleum Corp (CNPC), parent of PetroChina , said on Monday it had raised its overseas oil and gas equity output by 6.5 percent in the first half of 2013 versus a year ago, with output in Kazakhstan and Iraq exceeding targets.

* Wynn Macau Ltd said it reached an agreement with Leighton Contractors (Asia) Limited for the construction works for its Cotai project, involving construction of an integrated luxury resort containing a casino, hotel and other facilities, for a guaranteed maximum price of HK$20 billion.

* Wynn Macau Ltd said its net prot attributable to owners of the company amounted to $227.3 million for the three months ended in June, up from $220.6 million the same period in 2012.

* Yanzhou Coal Mining Company Limited said it expects its net profit attributable to the equity holders of the company to record a loss of 2.35 billion yuan for the half of 2013 due to losses in exchange rates and a decline of in the sale price of coal.

* Shangri-la Asia Ltd said it expects to see a material decline in profit for the six months of 2013 due to a decline in operating profit of its hotels in China and an increase in pre-opening expenses for hotels.

* 361 Degrees International Limited said its same store sales for the second quarter fell 0.8 percent while the retail channel inventory at June 30 represented about 4.4 months of sales.(Reporting by Clement Tan and Donny Kwok; Editing by Eric Meijer)

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