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Hong Kong shares seen lower, Chinese banks in focus

Source : REUTERS
Last Updated: Mon, Jun 24, 2013 01:00 hrs

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 shadow banking.

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 sands project.

* 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 shipments.

* 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 Friday.

* 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 Gallagher)




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