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HK stocks seen up as U.S. data spurs global rally

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littlekracker


HK stocks seen up as U.S. data spurs global rally




Sun Sep 5, 2010 9:39pm EDT

HONG KONG, Sept 6 (Reuters) - Hong Kong stocks are set to
rise on Monday after better-than-expected payrolls data from the
United States sparked a relief rally across global markets.

Stocks jumped and commodities rose on Friday after data
showing fewer U.S. job losses than expected reinforced other
reports this week easing fears the U.S. economy is on the cusp of
a new recession. [ID:nN03124790]

"The job data report would be the main factor boosting
investor confidence worldwide and sets the stage for Hong Kong
and Shanghai stocks to rally," said Francis Lun, general manager
at Fulbright Securities.

Lun forecast the Hang Seng Index .HSI to rise above 21,000
points following gains in overseas markets.

Turnover, which spiked late in the session on Friday ahead of
the Hang Seng Index rebalancing, is expected to remain subdued
because of the Labor Day holiday in the U.S.

The Hang Seng Index edged up 0.5 percent on Friday, pushing
up its weekly gain to 1.8 percent. The index closed slightly
above its 200-day moving average which had capped gains in recent
sessions.

Foxconn International Holdings Ltd (2038.HK), down nearly 45
percent in 2010 and the index's worst performers for the year, is
expected to come under further pressure after reports of the
company slashing its long-term sales growth targets.

Elsewhere in the region, Japan's Nikkei .N225 was up 1.2
percent while South Korea's KOSPI .KS11 was 0.3 percent higher.

STOCKS TO WATCH:

- Foxconn Technology, the world's biggest electronic parts
maker and maker of Apple Inc's (AAPL.O) iPhone, halved its
long-term sales growth target to 15 percent per year as demand
for iPhones and iPads failed to offset slowing PC sales,
according to the Sept. 10 issue of Bloomberg Businessweek.

- Casino operator Genting Hong Kong Ltd (0678.HK) said it was
not aware of any reasons for the increases in share price and
trading volume on Sept. 3, when its shares jumped more than 30
percent to HK$2.91. The Business Times said last week that the
market might have overlooked Genting's positive performance.
[nSGE68201P]

- Zhaojin Mining Industry Co Ltd (1818.HK) has entered into
an agreement with Qinghe County, Xinjiang province to invest 500
million yuan ($73.52 million) from September 2010 to December
2012 in a project with a processing capacity of 2,000 tonnes per
day. For a statement click
here

- Shenzhen Development Bank Co Ltd (000001.SZ), which is
merging with Ping An Insurance Group's (2318.HK) bank unit, could
see its 2011 earnings per share diluted by 8 percent to 1.68 yuan
each, according to UBS.

- China's central bank has set up a databank on corporate
environmental records and banks were told not to approve loans to
companies that have violated environmental rules, the Shanghai
Securities News quoted Shao Fujun, director general of the credit
management bureau of the PBOC as saying.

- China's top economic planner and a leading
government-backed research body disagreed at an auto industry
forum over whether the world's biggest auto market is facing
excessive capacity after breakneck growth in 2009.
[ID:nTOE68400M]

- Major Chinese automaker Chongqing Changan Automobile
(000625.SZ) is in talks with Ford Motor (F.N) to expand their
partnership beyond China. [nTOE682084]

- Nissan Motor (7201.T) is open to a green car alliance with
Chinese automakers as it moves to tap the fledgling industry.
[nTOE681069]
MARKET SUMMARY
*Wall St rallies as jobs data spurs optimism [nN03137022]
*US bonds sell off as jobs data eases economy fears [nN03130161]
*Oil eases on growth concerns, weaker storm [nSGE682071]
*Dollar falls vs euro, higher-yielding currencies [nN03124921]
($1=6.801 Yuan)
(Reporting by Vikram S Subhedar; Editing by Chris Lewis)


































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