HK stocks seen rangebound; HSBC, SMIC in focus - News

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HK stocks seen rangebound; HSBC, SMIC in focus

By: AFX | 10 Nov 2009 | 08:43 PM ET

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HONG KONG, Nov 11 (Reuters) - Hong Kong stocks are expected to trade in a narrow range on Wednesday, helped by stronger overseas markets, but concerns about steep valuations following a three-day rally may keep trade subdued. Strong Chinese economic activity indicators, due at 0200 GMT, could provide investors a catalyst to buy, brokers said. HSBC will be in focus after the bank declared on Tuesday the first improvement for three years in losses on U.S. consumer credit.. Separately, the lender's chief executive said on Wednesday that the bank had not yet set a timeframe for the planned listing of its shares on Shanghai's stock market.. SMIC, China's largest contract chipmaker, will also be eyed as it resumes trade after being suspended since Nov. 4. The firm said on Tuesday that it will pay $200 million and give the right to purchase up to 10 percent of the company to TSMC to settle lawsuits between the two.. The benchmark Hang Seng Index rose 0.27 percent, or 60.61 points, to 22,268.16 on Tuesday, its highest close in two weeks. The China Enterprise Index of top locally listed mainland Chinese stocks rose 0.37 percent to 13,367.19. STOCKS TO WATCH: * Galaxy Entertainment said it recorded its fourth consecutive quarter of EBITDA growth at HK$278 million ($35.9 million) for the three months ended in September, up 181 percent from the same period a year ago, with revenue at HK$2.85 billion, up 16 percent from the prior year. It said it remained cautiously optmistic on the outlook for the fourth quarter and that its Galaxy Macau resort was set to open in first quarter of 2011 at a budget of HK$14.1 billion. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20091111/LTN20091111010.pdf * China Energine International said it would sell HK$276 million shares to its controlling shareholder in a top up placing, raising capital for working capital and for developing wind energy projects in Inner Mongolia. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20091110/LTN20091110600.pdf * Chinese department store operator Maoye International said it would buy a commercial property in Shenzhen, where it currently operates a department store, from its controlling shareholder for HK$1.93 billion in a bid to control operational costs including rental increases. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20091110/LTN20091110594.pdf ----------------------MARKET SNAPSHOT @ 2254 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1093.01 -0.01% -0.070 USD/JPY 89.78 -0.03% -0.030 10-YR US TSY YLD 3.4781 -- -0.006 SPOT GOLD 1105.5 0.02% 0.200 US CRUDE 79.05 0.00% 0.000 DOW JONES 10246.97 0.20% 20.03 ------------------------------------------------------------- MARKET SUMMARY * Wall St rally stalls but Dow ekes out gain * Oil falls on Ida recovery, stronger dollar * Dollar moves off 15-month low, still vulnerable * Treasuries prices steady after 10-year note sale (Reporting by Sui-Lee Wee, Editing by Jonathan Hopfner) ((suilee.wee@thomsonreuters.com; +852 2843 6314; Reuters Messaging: suilee.wee.reuters.com@reuters.net)) Pan-Asia...... Japan........ S.Korea.... S.E. Asia............ Hong Kong... Taiwan..... Australia/NZ......... India....... China...... OTHER MARKETS: Wall Street........... Gold......... Currency.. Eurostocks...........

Oil........... JP bonds... ADR Report.......... LME metals.. US bonds... Stocks News US... Stocks News Europe... DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Taiwan diary Wall Street Week Ahead Eurostocks Week Ahead World forecasts TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt Hong Kong Dollar LME price overview ($1=6.826 Yuan) ($1=7.749 Hong Kong Dollar) ($1=6.826 Yuan) ($1=6.826 Yuan) Keywords: MARKETS HONGKONG STOCKS (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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