HONG KONG, June 24 (Reuters) - Hong Kong shares may start
the week lower on Monday, with Chinese banks in focus after the
official Xinhua news agency reported on Sunday that the latest
spike in money market rates was the result of distortions from
The People's Bank of China also reiterated on Sunday its
commitment to a "prudent" monetary policy - a position it has
officially maintained since 2010 - and moderate credit growth.
On Friday, the Hang Seng Index closed down 0.6
percent at 20,263.3. The China Enterprises Index of the
top Chinese listings in Hong Kong slipped 0.3 percent. On the
week, they slumped 3.4 and 4.4 percent, respectively.
Elsewhere in Asia, Japan's Nikkei was up 1.1
percent, while South Korea's KOSPI was down 0.6 percent
as of 0042 GMT.
FACTORS TO WATCH:
* Enbridge Inc, Canada's largest pipeline company,
said on Saturday that 750 barrels of synthetic oil had spilled
from a pipeline serving CNOOC Ltd's Long Lake oil
* China's ZTE Corp , the world's
fifth-largest smartphone maker, is aggressively moving into the
higher end of the market for mobile gadgets with more 4G
* China announced on Friday a small hike of a 100 yuan
($16.3) per tonne, or roughly 1 percent, to its retail gasoline
price ceiling and a 95 yuan increase to diesel, effective
Saturday, largely offsetting a previous cut early this month.
* The Philippine unit of Melco Crown Entertainment Ltd
is on track to open its $1 billion gaming complex in
Manila by mid-2014, targeting not just Chinese gamblers but
Southeast Asian high-rollers as well, its president said on
* China Huiyuan Juice Group Ltd said it has agreed
to sell Shanghai Huiyuan Food & Beverage Co Ltd to Uni-President
China Holdings Ltd for 300 million yuan, aiming to
reduce operating costs.(Reporting by Clement Tan and Donny Kwok; Editing by Chris