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Hong Kong shares may open weaker, reverse gain

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(Globalpost/GlobalPost)

HONG KONG, Feb 26 (Reuters) - Hong Kong shares could start weaker on Tuesday, tracking a fall on Wall Street after a strong showing in the Italian elections by anti-reform groups raised fears of renewed debt problems in Europe.

On Monday, the Hang Seng Index rose 0.2 percent to 22,820.1, bouncing off last Friday's 2013 closing low with its first gain in three days. The China Enterprises Index of the top Chinese listings in Hong Kong also gained 0.2 percent.

Elsewhere in Asia, Japan's Nikkei was down 1.8 percent, while South Korea's KOSPI was down 0.5 percent at 0038 GMT.

FACTORS TO WATCH:

* The contentious $15.1 billion takeover of Canadian oil and gas company Nexen Inc by Chinese state-owned entity CNOOC Ltd closed on Monday, more than seven months after China's largest-ever foreign takeover was announced.

* China's Huawei, little known to consumers just a couple of years ago, is now leading the pack of smartphone makers chasing Apple and Samsung, with ZTE, another Chinese company, snapping at its heels.

* Chesapeake Energy Corp will sell a 50 percent interest in some of its oil and gas properties in the Mississippi Lime shale formation to China Petroleum & Chemical Corp (Sinopec) for $1.02 billion cash, a valuation that fell short of some expectations.

* Sany Heavy Equipment International Holdings Co Ltd , which manufactures and sells excavation, coal mining and coal mining transportation equipment, said its 2012 net profit fell 35.5 percent to 500 million yuan.

* Glorious Property Holdings Ltd said it would issue $250 million of 13.25 percent senior notes due 2018, raising funds to refinance debt and for general corporate purposes.(Reporting by Clement Tan and Donny Kwok; Editing by Richard Pullin)

http://www.globalpost.com/dispatch/news/thomson-reuters/130225/hong-kong-shares-may-open-weaker-reverse-gain