HK Shares Face Flat Finish To Best Week In A Year

by
Hong Kong shares could end their best week in a year on a muted note on Friday as investors mark time ahead of U.S. jobs data later in the day that may lead the Federal Reserve to start cutting back stimulus later this month.

File photo of Hong Kong Exchanges and Clearing Chairman Arculli and CEO Li hitting gong on first trading day after Lunar New Year holidays at   the Hong Kong Stock Exchange

Hong Kong shares could end their best week in a year on a muted note on Friday as investors mark time ahead of U.S. jobs data later in the day that may lead the Federal Reserve to start cutting back stimulus later this month.

On Thursday, the Hang Seng Index ended up 1.2 percent at 22,597.97 points, its highest closing level since May 28. The benchmark is on track for its biggest weekly gain in a year, now up 4 percent.

The China Enterprises Index of the top Chinese listings in Hong Kong climbed 1 percent on Thursday to bring its gains on the week to 5.3 percent.

Elsewhere in Asia at 0040 GMT, Japan's Nikkei was down 1 percent, while South Korea's KOSPI was flat.

FACTORS TO WATCH:

* The Portuguese government has shortlisted Chinese group Fosun International and a unit of U.S. investment fund Apollo Global Management for the privatisation of the insurance arm of state-owned bank Caixa Geral de Depositos.

* PetroChina plans to start up its new 200,000 barrels per day refinery in southwest China's Sichuan province in late October, company officials said on Thursday, after several delays.

* Building materials maker BBMG Corporation said it planned to sell 500.9 million A shares to its parent and an unnamed fund at 5.58 yuan per share, raising 2.795 billion yuan to fund the construction of a logistics park and a furniture manufacturing project.

* Anton Oilfield Services Group said it has won a tender to provide horizontal multistage fracturing services in a block of tight oil and tight gas wells in the Erdos Basin.

* CMMB Vision Holdings Ltd said it has entered into agreement with New York Broadband Holding Ltd to buy three UHF TV station spectrum usage rights in three U.S. cities: Dallas-Fort Worth in Texas, along with Miami and Tampa in Florida.

View Comments

Recommended For You