GO
Loading...

Hong Kong shares seen weaker, H-shares set for worst week since end-June

Thursday, 24 Oct 2013 | 9:11 PM ET

HONG KONG, Oct 25 (Reuters) - Hong Kong shares may open down on Friday, with investors cautiously watching China's short-term money rates after a spike in the last two sessions triggered profit taking in growth-sensitive counters.

On Thursday, the Hang Seng Index ended down 0.7 percent at 22,835.8 points, its lowest close since Sept. 9. The China Enterprises Index of the leading Chinese listings in Hong Kong dropped 1.3 percent.

On the week, they are now down 2.2 and 3 percent, respectively. The H-share index is headed for its worst week since the one that ended June 21.

Focus will also turn to earnings on the day. China Construction Bank, China Life Insurance, Ping An Insurance, China Shenhua Energy, CSR Corp and China Oilfield Services are among companies due to report quarterly earnings.

Elsewhere in Asia, Japan's Nikkei was down 1 percent, while South Korea's KOSPI was down 0.7 percent at 0100 GMT.

FACTORS TO WATCH:

* China's top offshore oil explorer CNOOC Ltd said on Thursday its production rose 17.8 percent in the third quarter, boosted by output from Canadian energy firm Nexen which it acquired for $15.1 billion earlier this year.

* Wynn Resorts Ltd reported a 7 percent rise in quarterly revenue as gamblers flocked to its casinos in Macau. Revenue at Wynn's Macau casinos rose about 10 percent to $997.6 million in the third quarter, accounting for more than 70 percent of the company's total revenue.

* The biggest listed Chinese gold producer, Zijin Mining Gold Co Ltd , said its nine-month profit halved due to a slide in the price of the precious metal and costs from its purchase of Australia's Norton Gold Fields Ltd. .

* China Unicom (Hong Kong) Ltd, China's second-biggest mobile carrier by subscribers, cemented its longest run of year-on-year quarterly profit gain as it signed up mobile phone users at a quicker pace than that of its competitors.

* L'Occitane International SA said its first half profit is materially lower from the same period last year, with overall same store sales growth at 0.9 percent for the six months period.

* Great Wall Motor Company Ltd said its net profit for nine months ended in September was at 6.17 billion yuan versus 3.84 billion yuan a year ago.