Reuters: Financial Services and Real Estate: Hong Kong shares seen starting weaker, CCB, BOC in focus

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Hong Kong shares seen starting weaker, CCB, BOC in focus May 3rd 2012, 01:13 Tweet Share this Email Print Wed May 2, 2012 9:13pm EDT HONG KONG, May 3 (Reuters) - Hong Kong shares are likely to open slightly weaker on Thursday, hurt by Wall Street losses after weak data on U.S. private sector hiring, raising fears that Friday's more comprehensive jobs report could also disappoint. China Construction Bank Corp and Bank of China Ltd could come into focus after Temasek Holdings Pvt Ltd offered about $1.2 billion in Hong Kong-listed shares in two of China's "Big Four" banks, according to term sheets seen by Reuters. Japanese financial markets are closed for a public holiday and could diminish turnover in Hong Kong on Thursday. On Wednesday, the Hang Seng Index ended up 1 percent at 21,309.1 after testing March closing highs at about 21,353 recorded on March 15. The China Enterprises Index of top mainland listings rose 0.6 percent. Turnover in Hong Kong surged to the highest since April 16. Short-selling interest accounted for 8.6 percent of total turnover, around levels seen in the previous two sessions. Elsewhere in Asia, South Korea's KOSPI was down 0.1 percent at 0059 GMT. FACTORS TO WATCH: * Swedish car maker Volvo, owned by China's Zhejiang Geely Holding Group Co Ltd, said it was on track to meet its long-term goal of boosting sales more than four-fold in China after reporting a fall in 2011 earnings due to costs related to its expansion. Geely is also parent of listed Geely Automotive Holdings Ltd. * Chinese property stocks are seen to be a focus. China home prices fell in April for an eighth month in a row while transactions declined in most cities, a private sector survey showed on Wednesday. * Macau gaming stocks are set to be a focus after the world's biggest gambling destination posted a 21.9 percent jump in gambling revenue to 25 billion patacas ($3.13 billion) in April, in line with analyst forecasts, after the opening of a new $4 billion casino drew strong demand from deep-pocketed Chinese visitors. * Standard Chartered Plc said it expected to expand income by 10 percent or more this year even though growth slipped below that pace in the first quarter on weakness in India and the strength of the U.S. dollar against Asian currencies. * Steve Wynn's $17 billion Macau casino company Wynn Macau Ltd has received formal approval from the government to begin construction on a new project in the world's largest gambling destination. * YGM Trading said its unit had entered into an exclusivity agreement with Aquascutum Ltd and its administrators, and has been granted an exclusivity period from May 1-9 to negotiate terms in connection with the potential sale and purchase of the business and assets of Aquascutum. For statement click here * Guangzhou R&F Properties Co Ltd said contracted sales in April totalled 2.895 billion, up 10 percent from a year earlier. (Reporting by Clement Tan and Donny Kwok; Editing by Chris Lewis) Tweet this Link this Share this Digg this Email Reprints Comments (0) This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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