HK stocks seen hitting record, China plays in focus

Hong Kong stocks may breach30,000 points on Friday following multiple attempts to stay abovethe key mark, as mainland names such as PetroChina Co Ltd should rebound a day after investors dumped them aftersteep falls in China's stock markets. China's top oil producer should also get an extra boost aheadof its mega share sale in Shanghai next month after saying onThursday it would soon have news on a big gas discovery and ithad an eye open for acquisitions. It also unveiled a big bill for its planned cross-Chinapipeline, the country's second west-east gas link, which willneed total investment of $13.6 billion. [ID:nHKG35736] Mainland financials are also expected to outperform,following strong results by Ping An Insurance (Group) Co of ChinaLtd and Industrial & Commercial Bank of China. "The consolidation in Hong Kong may be finished earlier thanexpected," said Steve Leung, director at UOB Kay Hian Holdings,adding that he expected the market to stay above the 30,000-mark. Though investors widely expect China to announce an interestrate increase after the country reported strong macro data, Leungsaid Thursday's sell-off in China stocks was overdone on thoseexpectations. "The Chinese government will continue their mild policy oftightening credit, and I only expect (a rise of) 27 bps," hesaid. The benchmark Hang Seng index climbed 1.8 percent to29,854.49 on Thursday. The China Enterprises Index of HongKong-listed mainland companies fell 0.2 percent to19,551.21. STOCKS TO WATCH: * Ping An posted a more than four-fold jump inthird-quarter net profit to 3.6 billion yuan and nine-monthprofit to 11.7 billion yuan.http://main.ednews.hk/listedco/listconews/sehk/20071025/LTN20071025444.pdf * Industrial and Commercial Bank of China Ltd ,which has agreed to buy 20 percent of South Africa's largestbank, posted a 76 percent jump in third-quarter profit thanks toa widening interest margin and fee income growth. [ID:nHKG133534] Standard Bank , said on Thursday it was in talks tolaunch a $1 billion resource fund with ICBC.[ID:nL25827936] * Sinotrans Shipping Ltd, which is owned by mainland Chineselogistics giant Sinotrans (Group) Co, has won approval from theHong Kong Stock Exchange for an initial public offering expectedto be worth more than US$1 billion, sources familiar with thedeal said on Thursday. [ID:nHKG137646] * Datang Power said its unaudited third-quarterprofit was at 848 million yuan in accordance with Chineseaccounting standards.http://main.ednews.hk/listedco/listconews/sehk/20071025/LTN20071025352.pdf * The following companies are expected to report theirearnings later in the day: - Yanzhou Coal - China Unicom - Anhui Conch Cement FACTORS TO WATCH:* Nikkei opens up 0.5 pct, Sony awash with buy orders[.T]* U.S. stocks-Earnings, write-downs hit Wall St; Microsoft up[.N]* STOCKS NEWS ASIA-Market factors, main events [STXNEWS/ASIA]* Oil hits record over $90, OPEC cold to new hike [O/R]* Dollar near lifetime low vs euro, rate cut eyed [USD/]* For upcoming Hong Kong events, click on [HK/DIARY]* For Hong Kong press digest, click on [PRESS/HK] KEY HK ADR MOVERS (by % change) China Unicom +2.1 CNOOC Ltd +1.9 China East Air +1.4 Aluminum Corp -3.5 APT Satellite -5.8 (US$1=HK$7.8)

REUTERS

26 de outubro de 2007 | 18h18

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