Hong Kong Shares May Open Up On Encouraging Signs On Global Economy

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Hong Kong shares are set for a stronger open on Friday, supported by gains on Wall Street as upbeat business surveys from the U.S., Europe and China suggested the global economy is on a firmer footing.

File photo shows a staff member walking inside a priority banking service area of a Standard Chartered bank in Hong Kong

Hong Kong shares are set for a stronger open on Friday, supported by gains on Wall Street as upbeat business surveys from the U.S., Europe and China suggested the global economy is on a firmer footing.

On Thursday, the Hang Seng Index closed up 0.4 percent at 21,895.4. The China Enterprises Index of the top Chinese listings in Hong Kong rose 1.1 percent. It marked the first gain in six days for both benchmarks. On the week, they have dropped 2.8 percent and 2.5 percent, respectively.

Belle Int'l Holdings, BYD Company Ltd, China Resources Land and China Shenhua Energy Co are among companies scheduled to announce earnings on Friday.

Elsewhere in Asia, Japan's Nikkei was up 2.3 percent, while South Korea's KOSPI was up 0.6 percent at 0049 GMT.

FACTORS TO WATCH:

* PetroChina Co Ltd , which has bled billions of dollars from selling imported natural gas at deep discounts, is turning optimistic about its natural gas business after the government's first gas price hike in three years.

* PetroChina , the country's dominant oil and gas producer, said on Thursday it is in talks with relevant parties to develop Iraq's giant West Qurna oilfield.

* Wynn Resorts Ltd, parent of Wynn Macau Ltd , said on Thursday it filed an application with New Jersey gaming regulators for an Internet gambling license.

* Oil explorer Kunlun Energy Co Ltd said its first half net profit rose 5.1 percent to HK$3.68 billion.

* Haitong Securities Co Ltd , China's second-largest listed brokerage, said its first half net profit rose 31.6 percent to 2.7 billion yuan.

* Property developer Henderson Land Development Co Ltd said its first half underlying profit fell 4 percent at HK$3.5 billion.

* Great Wall Motor Co Ltd , China's top manufacturer of sport utility vehicles and pick-up trucks, said its first half net profit jumped 73.7 percent to 4.1 billion yuan.

* China State Construction Engineering Corp said on Thursday that it recently won 10 new contracts worth a total of 32.2 billion yuan ($5.26 billion), according to a statement posted on the Shanghai stock exchange.

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