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Hong Kong stocks set for higher open on G7 talk hopes

Source : REUTERS
Last Updated: Tue, Jun 05, 2012 01:00 hrs

HONG KONG, June 5 (Reuters) - Battered Hong Kong shares are expected to open firmer on Tuesday, partly on short-covering ahead of emergency G7 talks on the euro zone debt crisis, though investors remain reluctant to take on fresh positions amid an increasingly gloomy global outlook.

The Hang Seng index lost 2 percent on Monday in a broad global selloff as weak U.S. jobs growth added to worries about Europe's deepening debt crisis and China's slowing economy, drove investors out of riskier assets.

Finance chiefs of the Group of Seven leading industrialized powers will hold a special conference call on the debt crisis on Tuesday in a sign of heightened global alarm about strains in the 17-nation European currency area.

Hopes that the meeting will yield some solution to the euro zone's woes underpinned risky assets in early Asian trading, with Japan's Nikkei up 0.2 percent and South Korea's KOSPI up 0.8 percent as of 0030 GMT.

STOCKS TO WATCH:

* China Vanke, the country's largest real estate developer by sales, said on Monday its sales rose 19 percent in May from the previous year to 10.72 billion yuan ($1.68 billion), reversing a decline in April.

* China Southern Airlines Co Ltd , the country's largest airline by fleet size, said on Monday its state-owned parent was considering injecting capital into the company to lower its debt level.

* A deal for Hutchison Whampoa of Hong Kong to acquire control of Scailex, the parent of Israeli mobile phone operator Partner Communications, is expected to be signed within hours, Scailex said on Monday.

* Wheelock and Co Ltd and the Wharf (Holdings) Ltd said the Hong Kong government has re-granted the Ocean Terminal lot for a lease term of 21 years for a land premium of HK$7.9 billion and an annual rent will be payable at 3 percent of the rateable value of the Ocean Terminal lot. For statement clicks http://www.hkexnews.hk/listedco/listconews/sehk/2012/0605/LTN20120605010.pdf

* Hong Kong Exchanges and Clearing Ltd said it has appointed Stephen Jeffrey Marzo as Chief Financial Officer effective June 26. Marzo was previously the chief financial officer of the Noble Group Ltd. For statement clicks http://www.hkexnews.hk/listedco/listconews/sehk/2012/0604/LTN20120604810.pdf

(Reporting by Vikram Subhedar and Donny Kwok; Editing by Kim Coghill)



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