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Hong Kong shares seen easing on Wall St weakness

HONG KONG, Oct 10 (Reuters) - Hong Kong shares are set to dip on Wednesday if weakness on Wall Street sparks profit-taking after the previous session's China-led rally.

The Hang Seng index rose 0.5 percent to close near a five-month high. The China Enterprises index of top locally listed mainland firms rose 1.3 percent supported by large-cap banking and energy shares.

But worries about U.S. corporate earnings, particularly in the tech sector after brokerage downgrades of Intel Corp , and a warning from the International Monetary Fund about global growth hit risky assets overnight and weighed on Asian markets in early trading.

Japan's Nikkei was down 1.8 percent while South Korea's Kospi was off 1.2 percent as of 0030 GMT.

STOCKS TO WATCH:

* Canada indicated strongly on Tuesday it would exclude Chinese telecom equipment giant Huawei Technologies Co Ltd

from helping to build a secure Canadian government communications network because of possible security risks. Meanwhile, the European Commission has delayed a trade case against Huawei and ZTE Corp , easing tensions between the European Union and China.

* ZTE Corp , China's second largest telecom equipment maker, said on Tuesday that Cisco Systems has terminated its agreement with the company, confirming an earlier Reuters report.

* Russian aluminium group RUSAL has won a legal claim against Norilsk Nickel , the world's top nickel and palladium producer, which it partly owns, signalling that long-running tensions with its other owner may escalate.

* China's Sinopec has started work to build Southeast Asia's largest oil storage terminal at Indonesia's Batam Free Trade Zone, industry sources said on Tuesday.

* Global supply chain manager Li & Fung Ltd said late on Tuesday it has appointed Ed Lam as chief financial officer as it expands senior management team to facilitate its organic growth and acquisition strategy.

(Reporting by Vikram Subhedar and Donny Kwok; Editing by Eric Meijer)

((vikram.subhedar@thomsonreuters.com)(+852 28436975))

Keywords: MARKETS HONGKONG CHINA STOCKS/ PREOPEN