Hong Kong shares seen extending weekly gains after Fed action

Source : REUTERS
Last Updated: Fri, Sep 14, 2012 18:33 hrs

HONG KONG, Sept 14 (Reuters) - Hong Kong shares are seen extending gains on the week on Friday after the U.S. Federal Reserve announced an aggressive new stimulus intended to drive job creation in the U.S. economy.

On Thursday, the Hang Seng Index ended a choppy session down 0.1 percent to 20,047.6. It is up 1.2 percent this week.

Elsewhere in Asia, Japan's Nikkei was up 1.4 percent, while South Korea's KOSPI was up 2.2 percent at 0058 GMT.


* Executives from China's top makers of telecommunications gear denied putting hidden spy code into their equipment at a rare public hearing of the U.S. House of Representatives Intelligence Committee on Thursday. The officials from Huawei Technologies Co Ltd and ZTE Corp , rejecting fears that their expansion in the United States poses a security risk, said they operated independently of the Chinese government.

* Russia's RUSAL, the world's largest producer of primary aluminium, could offer floating premiums in term supply contracts it negotiates with consumers for 2013, with both sides reluctant to set long-term deals as spot market premiums reach record highs.

* EU regulators object to Hutchison 3G's agreed 1.3 billion euro ($1.7 billion) takeover of France Telecom's Orange Austria and will carry out a full probe, Hutchison said on Thursday, in a move likely to force more concessions to win approval. Hutchison 3G is Austria's third-largest mobile operator and a unit of Hutchison Whampoa.

* Hong Kong's Sun Hung Kai Properties, the world's second-largest real estate developer, posted earnings that narrowly beat expectations on Thursday as strong rental growth drove the company to record operational profits.

* Cathay Pacific Airways Ltd said on Thursday its August freight traffic fell 6.9 percent from a year earlier on low demand in the traditionally weak month. Passenger numbers in August rose 4.0 percent.

* HSBC's Head of UK Bank Joe Garner will step down from the role at the end of October after less than two years in the job and be succeeded by the British lender's European retail banking and wealth management chief, Antonio Simoes.

* China Eastern Airlines Corp Ltd said it has completed the issuance of 4 billion yuan super short-term commercial paper with a maturity of 270 days and interest rate of 4.1 percent. It is the first tranche of a total 10 billion yuan super short-term commercial paper to be issued in 2012 . For statement, http://www.hkexnews.hk/listedco/listconews/sehk/2012/0913/LTN20120913784.pdf

(Reporting by Clement Tan and Donny Kwok; Editing by Matt Driskill)

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