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Hong Kong shares seen bouncing off two-week low

Source : REUTERS
Last Updated: Wed, Oct 31, 2012 01:20 hrs

HONG KONG, Oct 31 (Reuters) - Hong Kong shares were set to bounce off a nearly two-week low on Wednesday, tracking an Asia-wide rise and helped by Industrial and Commercial Bank of China which posted a better-than-expected third-quarter net profit.

On Tuesday, the Hang Seng Index ended down 0.4 percent at 21,428.6 points, its third-straight loss, pushing the benchmark to its lowest close since Oct. 17.

Elsewhere in Asia, Japan's Nikkei was up 1 percent, while South Korea's KOSPI was up 0.1 percent at 0102 GMT.

FACTORS TO WATCH:

* Aluminum Corp of China Ltd (Chalco) , the country's top aluminium maker, posted its fourth straight quarterly net loss in the third quarter, hurt by low aluminium prices and rising costs.

* PetroChina Co Ltd, the country's dominant oil and gas producer, posted a 33 percent fall in third-quarter profit, lagging forecasts, due to lower crude oil prices and losses from its natural gas import business.

*Industrial and Commercial Bank of China Ltd (ICBC) , the world's biggest bank, reported a 15 percent rise in quarterly net profit, beating estimates, as interest margins widened due to increased demand for credit.

* China Minsheng Bank Corp Ltd , the country's seventh-largest listed bank, said its third quarter profit amounted to 9.8 billion yuan.

* Bank of Communications , China's fifth-biggest lender, said its third quarter profit rose 12 percent to 13.4 billion yuan.

* Air China Ltd, the country's flagship airline, posted its strongest quarterly profit for the year, although down 16 percent on the year, as fuel prices retreated and foreign exchange losses narrowed. However, the carrier said the aviation industry still faced the challenges of high fuel prices and weak demand.

* Tsingtao Brewery Co Ltd , China's second-biggest brewer by volume, said its third-quarter net profit was largely unchanged from a year earlier as higher production costs offset a rise in beer sales.

* Guangzhou Automobile Group Co Ltd , China's sixth-largest car maker, said its third-quarter net profit fell 58 percent to 357 million yuan.

* China Railway Construction Corporation Ltd said its third quarter net profit soared 41 pct.

* China Railway Group Ltd said its third quarter net profit surged 65 pct to 1.9 billion yuan.

* CITIC Securities Co , China's biggest listed brokerage, posted an 87 percent rise in quarterly earnings amid signs of bottoming out in the stock market.

* China COSCO Holdings Ltd , the country's top shipping group, posted its smallest quarterly loss in more than a year after container shipping rates rose. It said a net loss for the whole year was possible as its bulk shipping segment remains weak.

* China's Ping An , the world's second-largest life insurer by market value, posted a smaller than expected 21 percent rise in its third-quarter profit on Tuesday after intergrating the operations of Shenzhen Development Bank.

* Profit growth at China's largest automaker SAIC Motor Corp slowed to its weakest rate in three and a half years, hit by a weakening economy and high fuel costs.

*China Eastern Airlines Corp. Ltd said its third-quarter net profit fell 20 percent.

* Inner Mongolia Yili Industrial Group Co Ltd, a top Chinese dairy firm, said its third-quarter net profit edged up 0.5 percent to 605 million yuan.

* Chinese construction equipment maker Zoomlion Heavy Industry Science and Technology Co Ltd said its third-quarter net profit was flat at 1.3 billion yuan.

*Shanghai Fosun Pharmaceutical (Group) Co Ltd , a unit of one of China's largest conglomerates Fosun International, said its net profit jumped 95 percent to 391 million yuan.

* China Shipping Development Co Ltd said its third-quarter net profit fell 32 percent to 89.2 million yuan.

* China's Zijin Mining may expand its refined copper production by 50 percent to 300,000 tonnes a year, the company's chairman, Chen Jinghe, told an industry conference on Tuesday.




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