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(AFX UK Focus)
2009-11-06 01:11
HK shares may rise as Wall St gains; eyes on Lenovo |
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HONG KONG, Nov 6 (Reuters) - Hong Kong shares may rise for a second day on Friday, spurred by gains on Wall Street and encouraging U.S. economic data, while Lenovo will likely be in focus after a strong quarterly result. Net profit at Lenovo, the world's No. 4 PC maker, more than doubled in July-September, lifted by a one-off gain from the disposal of some investments. But the outlook remained challenging, it said. "The Hong Kong market will rise today mainly because of the much stronger U.S. market," said Francis Lun, general manager at Fulbright Securities. "We should look at mainland property shares today because of the much higher debut of Evergrande yesterday. Exporters may also rise because of the U.S. recovery." Wall Street rose sharply on Thursday, pushing the S&P higher for a fourth day, as investors cheered data showing a surprisingly higher U.S. non-farm productivity and upbeat results from Cisco Systems. The benchmark Hang Seng Index ended down 0.63 percent on Thursday to 21,479.08, retreating from a 1.76 percent gain in the previous session. It was the third time this week that the index had fallen. Chinese developer Evergrande Real Estate closed up 34.3 percent on its trading debut on Thursday, outperforming the broad market. The HSI may gain about 300 points on Friday, Lun added. The market will be eyeing the October U.S. jobs data later on Friday, one of the key indicators to gauge the health of the world's largest economy and Asia's top export market. STOCKS TO WATCH:
INSTRUMENT LAST PCT CHG NET CHG
------------------------------------------------------------- > Wall St rallies on economic data, Cisco > Dollar up modestly ahead of jobs data > Steady rate outlook supports short end > Gold falls on investor disappointment, eyes $1,100 > Oil falls below $80; demand outlook uncertain (Reporting by Jun Ebias; Editing by Ken Wills)
((jun.ebias@thomsonreuters.com; +852 2843 6537; Reuters
Messaging: jun.ebias.reuters.com@reuters.net))
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