HONG KONG, July 15 (Reuters) - Hong Kong shares are seen adding to the previous session's biggest gains in a month on Wednesday following better-than-expected earnings from two U.S. bellwhethers.
On Tuesday, Goldman Sachs and chipmaker Intel reported results that surpassed expectations, but lackluster U.S. retail sales data came as a slight damper to expectations of an early recovery in the world's largest economy.
Also seen helping gains, crude futures edged up over $60 per barrel on Wednesday, after closing lower the previous day, as industry data showed crude oil and gasoline stockpiles fell last week.
Air China may be watched after the airline said it expected to see at least 50 percent year-on-year rise in profit for the first half of 2009 as fuel costs fell and the domestic air passenger market showed stable growth.
The company added that net profit attributable to shareholders totalled 1.28 billion yuan ($187.4 million) for the first half of 2008.
Separately, two companies controlled by Macau Chief Executive Edmund Ho sold a combined 1.25 percent stake in financially troubled Air Macau to a unit of Air China, the South China Morni ng Post reported on Wednesday, citing sources.
The benchmark Hang Seng Index jumped 3.7 percent to finish Tuesday at 17,885.73.
STOCKS TO WATCH
* Datang International Power Generation late on Tuesday said it generated 1.51 percent less power for the first half of 2009 versus the same period a year earlier on a decline in demand.
The power producer said it generated 61.3117 billion kilowatt-hours (kWh) during the six-month period and that total on-grid power generation also fell 1.47 percent to 57.7371 billion kWh.
For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090714/LTN20090714357.pdf
* China WindPower Group said it had entered into an agreement for the company to be granted exclusive rights to develop wind power projects with a capacity of 1,500 megawatts in Baicheng, in China's Jilin.
For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090714/LTN20090714240.pdf -----------------------MARKET SNAPSHOT @ 2248 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 <.SPX> 905.84 0.53% 4.790
USD/JPY
MARKETS SUMMARY * Wall St up, profits offset weak data; Intel soars [nN14298790] * U.S. oil prices dip on demand worries [nSYD465576] * Yen falls as Goldman results spark quest for yield[nN14415428] * Treasuries prices fall as investors take profits [nN14581602] (Reporting by Parvathy Ullatil; Editing by Chris Lewis)