Hong Kong shares may start weaker, trimming weekly gains

Last Updated: Fri, Aug 16, 2013 01:10 hrs

HONG KONG, Aug 16 (Reuters) - Hong Kong shares may start weaker on Friday, trimming weekly gains, tracking weakness in Asia as U.S. Treasury yields soared to two-year highs on re-emerging fears that the Federal Reserve could start paring back stimulus as soon as next month.

On Thursday, the Hang Seng Index ended flat at 22,539.3 points. The China Enterprises Index of the top Chinese listings in Hong Kong rose 0.2 percent. On the week, they are now up 3.4 and 6.3 percent, respectively.

Elsewhere in Asia at 0100 GMT, Japan's Nikkei was down 1.1 percent, while South Korea's KOSPI was down 0.7 percent.


* L'Oreal OREP.PA, the world's largest cosmetics group, has offered to acquire Chinese skincare company Magic Holdings International for HK$6,538 million ($840 million). The offer represents a 25 percent premium to last closing price of the Hong Kong-listed facial mask maker.

* Rusal, the world's largest aluminium producer, is expected to report a recurring net loss of $142 million in the second quarter, against a profit of $19 million in the previous three months, a Reuters poll of seven banks and brokerages showed on Thursday.

* China Merchants Bank Co Ltd said on Thursday it had received approval from the China Securities Regulatory Commission (CSRC) for an H-share rights issue.

* Anhui Conch Cement Co Ltd , which produces and sells cement and clinker in China, said its first half net profit rose 4.3 percent to 3.1 billion yuan.

* China Mobile Ltd, the world's biggest mobile carrier by subscribers, said its talks with Apple Inc have been progressing smoothly and both sides are positive about reaching a possible agreement, Chairman Xi Guohua said on Thursday.

* China Aoyuan Property Group Ltd said its first half net profit rose to 348.3 million yuan from 283.7 million yuan the year earlier while contracted sales for January-June period rose 62 percent year on year to 3.741 billion yuan.

* Chinese department store operator Maoye International Holdings Limited said its first half net profit fell 14.9 percent year on year to 398.3 million yuan due to a slowdown in China's economy, weak consumption growth and the impact from e-commerce.(Reporting by Clement Tan and Donny Kwok; Editing by Eric Meijer)

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