Hong Kong shares may post 2nd daily loss

Last Updated: Tue, Dec 04, 2012 01:10 hrs

HONG KONG, Dec 4 (Reuters) - Hong Kong shares could see a second straight day of losses on Tuesday, tracking Wall Street's fall after data showed factory activity in the United States hitting a three-year low in November.

The decline broke a three-day streak of gains for the S&P 500, keeping it shy of its 50-day moving average of about 1,420, a level that the index has been below since Oct. 22, and now serving as a key resistance point for investors.

On Monday, the Hang Seng Index closed down 1.2 percent at 21,767.9, after earlier testing a new intra-day 2012 high at 22,162.5. The China Enterprises Index of the top Chinese listings in Hong Kong shed 1.5 percent.

Elsewhere in Asia, Japan's Nikkei was down 0.2 percent, while South Korea's KOSPI was down 0.4 percent at 0050 GMT.


* U.S. regulators on Monday charged the Chinese arms of five top accounting firms with securities violations over their refusal to produce certain audit papers for U.S.-listed Chinese companies.

* Brazil's Vale SA , the world's second-largest mining company, cut estimated 2013 capital spending by 24 percent after a global slowdown and a drop in iron ore prices led the company to rethink expansion.

* Italian private equity fund Clessidra has made an offer to buy Italy's third-largest commercial broadcaster Telecom Italia Media, two sources said on Monday. Other potential bidders were Hutchison Whampoa's Italian telecoms operator, U.S. TV group Discovery Communications and advertising firm Cairo Communication.

* Husky Energy Inc, Canada's No.3 integrated oil company, said it expects higher output in 2013 as it increases oil production and cuts back on natural gas. Husky, controlled by Hong Kong billionaire Li Ka-shing's Hutchison, said it expects to produce 310,000 to 330,000 barrels of oil equivalent per day (boepd) in 2013.

* China's Huaxia Bank Co Ltd blamed a weekend panic on a rogue employee whom it said sold a high-risk investment vehicle without authorisation, a case highlighting the risks tied to the country's boom in loosely regulated wealth management products.

* Asia's top refiner Sinopec will nearly double the amount of term crude it buys from Iraq next year to 270,000 barrels per day (bpd) as it looks to replace oil from Iran, trade sources said on Monday.

* Government data showed on Monday that gambling revenue in Macau, the world's largest casino market, rose 7.9 percent in November year-on-year.

* HSBC said its strategy and planning boss John Flint is to take over as head of retail banking and wealth management (RBWM) next year to replace veteran banker Paul Thurston, who is retiring.

* Sino Oil and Gas Holdings Ltd said it would team with its parent to jointly invest in coal bed methane liquefied natural gas plant located in Sanjiao area in China's Shanxi Province.

* Shui On Land Ltd said it would issue $500 million senior perpetual capital securities to fund capital expenditures related to its real estate operations and to repay debt.(Reporting by Clement Tan and Donny Kwok; Editing by Eric Meijer)

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