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Hong Kong shares may recoup some of Monday's losses

Source : REUTERS
Last Updated: Tue, Mar 19, 2013 01:00 hrs

HONG KONG, March 19 (Reuters) - Hong Kong shares could start modestly higher on Tuesday, recouping some of the previous day's losses although investors remain wary over a parliamentary vote on a bailout plan for Cyprus later in the day.

Chinese property developer Country Garden, China Shipping Development and Huaneng Power are among companies due to post their final 2012 corporate earnings later on Tuesday.

On Monday, the Hang Seng Index ended down 2 percent for its lowest close since Dec. 4. The China Enterprises Index of the top Chinese listings in Hong Kong slid 2.1 percent.

Elsewhere in Asia, Japan's Nikkei was up 2.1 percent, while South Korea's KOSPI was up 0.5 percent at 0042 GMT.

FACTORS TO WATCH:

* The chairman of the China National Petroleum Corporation, Jiang Jiemin, also chairman of CNPC's listed unit PetroChina has been appointed head of the country's state-owned assets regulator, a company spokesman confirmed on Monday.

* Argentina's tax agency said on Monday it has uncovered 392 million pesos ($77 million) in fraudulent transactions by HSBC Holdings Plc and said it has asked the judicial system to probe the European bank for alleged tax evasion and money laundering. HSBC, Europe's largest bank, was fined $1.9 billion last year for similar irregularities in Mexico and the United States.

* Canada's industry minister on Monday said he hoped BlackBerry would remain a national champion but added he did not know what would happen to the mobile device maker, given the "very aggressive" telecommunications sector. The head of China's Lenovo Group Ltd told a French newspaper last week that the firm might consider an acquisition of BlackBerry at some point in the future.

* South African fixed-line operator Telkom said on Monday it had won a court dispute with an affiliate of China's ZTE Corp that had put on hold its planned network overhaul.

* China's Zhejiang Geely Holding Group, parent of Geely Automobile Holdings Ltd, will not bid for a majority stake in Fisker Automotive Inc mainly due to the troubled U.S. electric car maker's obligations to the U.S. government, according to two sources familiar with the matter. Dongfeng Motor Group Co. was competing for the Fisker stake with Geely, and the sources said the Chinese state-owned company had submitted its final offer late last week.

* Chinese white goods maker Haier Electronics Group Co Ltd said its 2012 net profit rose 20 percent to 1.7 billion yuan.

* Gas producer and distributor Hong Kong and China Gas Co Ltd said its net profit for 2012 rose 26 percent to HK$7.7 billion.

* Samsonite International S.A said its profit for the year was up 71 percent to $148 million and net sales increased 13.2 percent to a record $1.77 billion.

* European-made luxurious and internationally branded watches retailer Emperor Watch & Jewellery Ltd said its net profit fell to HK$404.3 million for 2012, from HK$627.1 million in the previous year as consumers became more cautious on spending in a volatile global economy.(Reporting by Clement Tan and Donny Kwok; Editing by Shri Navaratnam)



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