[Reuters] HK stocks seen lower on Japan's nuclear crisis
[.HSI .HSCE] HONG KONG, March 17 (Reuters) - Hong Kong stocks are set to
fall on Thursday morning after Wall Street tumbled into the red
on the year as Japan's nuclear crisis threatened to worsen.
The S&P 500 <.SPX> and Nasdaq <.IXIC> dropped into negative
territory for 2011 as markets tumbled on heavy trading after the
European Union's energy commissioner warned of further
catastrophic events in Japan. [ID:nL3E7EG2W]
A surge in the yen to a record high slammed Japan's Nikkei
<.N225>, which was down 4 percent as of 0030 GMT on fears that a
stronger currency would compound the economic hit from the
aftermath of the earthquake.
American Depository Receipts of Hong Kong firms trading on
U.S. exchanges slumped and closed at discounts to locally listed
shares, indicating a lower open for large caps like Petrochina
<0857.HK> and HSBC Holdings <0005.HK>.
While Japan will be the focus, market players will also look
to a slew of earnings for opportunities to pick up bargains or
use rallies to exit positions.
Tencent Holdings <0700.HK>, China's most valuable internet
company, posted a 46 percent rise in quarterly profit, in line
with expectations but the slowest in three years as competition
in the sector intensifies. [ID:nTOE72D01F]
Tencent shares have risen 28.4 percent this year.
Elsewhere in Asia, South Korea's KOSPI <.KS11> was down 0.8
percent.
STOCKS TO WATCH:
* State oil giant Saudi Aramco [SDABO.UL] said on Wednesday
it signed an initial agreement with China's Sinopec <0386.HK> to
jointly develop the 400,000 barrels-per-day (bpd) Yanbu refinery
project. [ID:nLDE72F24W]
* Property developer Shui On Land <0272.HK> posted a 5
percent rise in 2010 profit to 2.81 billion yuan. It said its
property portfolio stood to benefit from growing middle class
affluence and government policies to
increase local consumption, and was cautiously optimistic about
the prospects of the housing market in 2011. [ID:nHKF000096]
* China Mobile Ltd <0941.HK>, the world's largest mobile
operator, may be pressured to raise its dividend payout ratio
after it reported a 3 percent rise in fourth-quarter net profit
that met expectations and was its highest in over two years.
[ID:nTOE72E01J]
* Li Ning Group Ltd <2331.HK>, China's home grown sporting
goods brand, posted an 11.5 percent rise in net profit for the
second half on Wednesday, in line with the street view, as sales
increased as it initiated a brand revitalisation exercise and
strengthened distribution channels. [ID:nTOE72F086]
* SJM Holdings <0880.HK>, one of Asia's largest casino
operators, reported a 160 percent rise in its fourth quarter net
profit, beating forecasts due to stellar growth in Macau, the
world's largest gaming market. [ID:nTOE72D02V]
* French skincare product retailer L'Occitane International
S.A. <0973.HK> said all its staff in Japan were safe and all
stores were intact, but it was experiencing some degree of
business interruption due to power shortages and public transport
disruptions, with only over 80 percent of its stores open for
business. For statement click
http://www.hkexnews.hk/listedco/listconews/sehk/20110316/LTN20110316620.pdf
MARKET SUMMARY
*S&P, Nasdaq negative for 2011 on Japan nuclear fears[nN16186284]
*Japan's nuclear crisis fuels bids for US bonds [nN16184743]
*Yen surges to record high; intervention risk looms [nN16189647]
*Exchanges defend speculation amid oil price surge [nN16151941]
(Reporting by Vikram S Subhedar, Editing by Jonathan Hopfner)
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Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.