Hong Kong Shares May Start Week Higher, China Property In Focus

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Hong Kong shares could start the week higher on Monday, with China property counters in focus after data over the weekend showed housing inflation accelerated to its fastest pace in April in two years.

Hong Kong shares could start the week higher on Monday, with China property counters in focus after data over the weekend showed housing inflation accelerated to its fastest pace in April in two years.

Average new home prices rose 4.9 percent in April from a year earlier - the sharpest since April 2011 - after a 3.6 percent increase in March.

Last Thursday, the Hang Seng Index closed up 0.2 percent at 23,082.7. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.6 percent. On the week, they lost 1 and 2.9 percent, respectively. Hong Kong markets shut on Friday for a public holiday.

Elsewhere in Asia, Japan's Nikkei was up 1.1 percent, while South Korea's KOSPI was up 0.2 percent at 0100 GMT.

 

FACTORS TO WATCH:

* China Mengniu Dairy Co Ltd said on Monday substantial shareholder Farwill Ltd would transfer an 8.3 percent stake in the company to a joint venture involving Danone Group, in a deal worth HK$3.6 billion ($463.74 million).

* Europe's top trade official for the first time late on Friday officially cited Chinese mobile telecommunications equipment makers Huawei and ZTE Corp for violating anti-dumping and anti-subsidy guidelines.

* Glencore Xstrata has mandated Bank of America Merrill Lynch, BNP Paribas, Credit Suisse and RBS to organise a series of investor meetings ahead of a potential bond issue in the US, a banker close to the deal told IFR on Friday.

* Yanzhou Coal Mining Co Ltd said it has entered into thermal coal sale contracts for the sale of 7.54 million tonnes of thermal coal within Shandong Province in 2013, a reduction of 2.33 percent of the total thermal coal sales under the 2012 thermal coal sale contracts within Shandong Province.

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