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Hong Kong shares may fall, Sinopec in $3.1 bln share placement

Source : REUTERS
Last Updated: Tue, Feb 05, 2013 01:20 hrs

HONG KONG, Feb 5 (Reuters) - Hong Kong shares may start weaker on Tuesday as euro zone jitters trigger profit taking, with Chinese oil giant China Petroleum and Chemical Corp (Sinopec) in focus after announcing a $3.1 billion new H-share placement overnight.

China's Glorious Property is expected to post final full year 2012 corporate results later in the day. PanAsialum Holdings and Time Watch Investments are due to make their listings debuts.

On Monday, the Hang Seng Index closed down 0.2 percent at 23,685 points after failing at chart resistance at 23,900 for the second time in four days.

Elsewhere in Asia, Japan's Nikkei was up 1.2 percent, while South Korea's KOSPI was down 0.8 percent at 0100 GMT.

FACTORS TO WATCH:

* China Petroleum & Chemical Corp (Sinopec) , Asia's largest refiner, said late on Monday it plans to raise HK$24.04 billion ($3.10 billion) through the sale of new H shares, and will use the funds for business development and general corporate purposes.

* Three, the smallest British mobile operator, said on Monday it would not charge extra for 4G mobile broadband when it arrives on its network later this year, potentially triggering a price war over the supply of faster data. The operator, owned by Hutchison, said it already offered an "ultrafast" network using the latest 3G technology, called DC-HSDPA, that it said can reach broadly equivalent speeds as 4G.

* Guinea expects production at aluminium producer Rusal's Fria refinery to restart "within months", thanks to conditions set as part of a deal signed with the Russian group late last year, a senior official said.

* Zoomlion Heavy Industry Science and Technology Co Ltd said the allegations relating to ctitious sales and falsied accounts of the company in a press article are false, groundless and misleading, and said the company conducts its business strictly in accordance with applicable laws and regulations and no accounting fraud has ever been committed.

* Chinese sports wear maker 361 Degrees International Ltd said it recorded a net increase of 12 franchised retail outlets in China in the fourth quarter of 2012, bringing the total number to 8,082, none of which was directly operated or owned by the company.

* Evergrande Real Estate Group Ltd said its aggregate contracted sales value for January amounted to 7.25 billion yuan, representing an increase of 226.1 percent from a year ago.(Reporting by Clement Tan and Donny Kwok; Editing by Richard Pullin)



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