Reuters: Financial Services and Real Estate: Hong Kong shares seen higher on China PMI surprise

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Hong Kong shares seen higher on China PMI surprise Apr 2nd 2012, 00:56 Sun Apr 1, 2012 8:56pm EDT HONG KONG, April 2 (Reuters) - Hong Kong shares could start the week higher on Monday, bolstered by better-than-expected China manufacturing data that could alleviate some fears of a sharp slowdown in the world's second-largest economy. The National Bureau of Statistics said on Sunday China's official Purchasing Managers' Index (PMI) jumped to an 11-month high of 53.1 in March from 51 in February, comfortably beating analysts' forecasts of 50.5. But any optimism could be tempered by a private survey, also released on Sunday, that is seen more heavily weighted towards small and medium enterprises, which missed the 50-point level that separates expansion from contraction in activity for the fifth successive month. HSBC said on Sunday its final Purchasing Managers' Index (PMI) fell to 48.3 in March from 49.6 in February, and was largely in line with HSBC's Flash PMI reading of 48.1 for March. Mainland Chinese markets are shut for a three-day public holiday and will reopen on Thursday, while markets in Hong Kong will close on Wednesday and Friday. Last Friday, the Hang Seng Index lost 0.3 percent, while the China Enterprises Index of the top mainland listings rose 1 percent. Elsewhere in Asia, Japan's Nikkei was up 0.9 percent and South Korea's KOSPI was up 0.4 percent at 0026 GMT. FACTORS TO WATCH: * China Southern Airlines Co Ltd sees an 8 percent rise in operating revenue this year on growing domestic demand, it said on Friday. The country's largest airline by fleet size reported a 12 percent fall in 2011 net profit to 5.1 billion yuan ($809 million) on Thursday. * China, the world's second-biggest importer, will cut import duties on some energy and raw materials products as well as consumer goods, to boost purchases, the Chinese cabinet said in a statement on Friday. The decision underlines Beijing's intent to buy more from its trade partners to boost domestic consumption and comes after China posted its largest monthly trade deficit in at least a decade in February. * Bank of China Ltd , the country's No.4 lender, said on Friday that its portfolio of outstanding local government loans stood at 394.9 billion yuan ($63 billion) at the end of 2011. * Private equity-backed Chinese sportswear brand Li Ning Co Ltd, which reported a two-thirds drop in 2011 net profit due to intense competition, expects savings in staff and operating costs to help boost gross profit margins this year, company executives said. * Chinese steelmakers listed in Hong Kong could come under some selling pressure after Baoshan Iron & Steel, China's biggest listed steelmaker, posted a 43 percent fall in 2011 profit, the company said on Friday, as surging raw material costs squeezed margins. * China Railway Group , China's largest construction company, posted a 9.6 percetnt decline in 2011 net profit from a year earlier. * CSR Corporation , the world's second-biggest railway equipment maker, posted a 53 percent increase in 2011 net profit from a year earlier. (Reporting by Clement Tan; Editing by Sugita Katyal) Link this Share this Digg this Email Reprints

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