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Hong Kong shares may start higher ahead of China data

Source : REUTERS
Last Updated: Wed, Apr 10, 2013 01:20 hrs

HONG KONG, April 10 (Reuters) - Hong Kong shares could start higher on Wednesday, tracking Wall Street gains and ahead of China March trade data later in the day.

On Tuesday, the Hang Seng Index closed up 0.7 percent at 21,870.3 on Tuesday, its first gain since April 2. The China Enterprises Index of the top Chinese listings in Hong Kong climbed 1.7 percent.

Elsewhere in Asia, Japan's Nikkei was up 1 percent, while South Korea's KOSPI was up 0.8 percent at 0101 GMT.

FACTORS TO WATCH:

* Global ratings agency Fitch cut China's long-term local currency credit rating to A-plus from AA-minus on Tuesday with a stable outlook, citing financial risks from rapid credit expansion alongside the rise of shadow banking activity.

* Telco, the holding company that owns more than one fifth of Telecom Italia, said on Tuesday it has had no contacts with Hutchison Whampoa over possible integration between Telecom Italia and the Hong Kong-based group. A source familiar with the negotiations said on Tuesday Hutchison Whampoa is in talks to buy up to 29.9 percent of Telecom Italia.

* Sinopec Shanghai Petrochemical Corp, a unit of top Asian refiner Sinopec Corp, said on Tuesday it has shut its main refining unit after a fire that has since been put out.

* Vale SA , the world's largest iron ore producer, obtained an environmental permit to build a port in northeastern Brazil, a key step towards developing the logistics of one of the world's largest iron ore mines.

* Tong Ren Tang Technologies Co Ltd said it proposed a seek separate listing of its Beijing Tong Ren Tang Chinese Medicine Co Ltd on the Growth Enterprise Market of the Hong Kong stock exchange by a placing and preferential offer of shares.(Reporting by Clement Tan and Donny Kwok; Editing by Eric Meijer)




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