HONG KONG, June 22 (Reuters) - Hong Kong shares are seen volatile on Monday ahead of the U.S. Federal Reserve's interest rate meeting this week and amid a lack of fresh triggers to drive buying.
No rate change is expected from the FOMC meeting, which will begin on Tuesday, although investors will be alert to any clues on how long the Fed expects to keep rates low.
Local property stocks may win favour as homes sales continue to show signs of rebound in June.
The number of property transaction is expected to increase 3.3 percent month on month to a sixteen-month high of 13,500 units in June, the Hong Kong Economic Journal reported citing property agent Centaline.
The benchmark Hang Seng Index broke a four-day losing streak with a fragile 0.8 percent recovery on Friday, but caution remained as investors waited to see mid-year business and economic trends.
STOCKS TO WATCH-
* PetroChina said it would make a mandatory conditional cash offer of S$6.25 per share for all outstanding shares of Singapore Petroleum after it completed a purchase of a 45.51 percent of the Singapore company from Keppel Oil and Gas Services. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090621/LTN20090621037.pdf
* Canadian insurer Manulife Financial on Friday said it received an enforcement notice from the Ontario Securities Commission that found the company failed to meet certain disclosure obligations in its segregated funds and variable annuity guaranteed products.
* Yue Yuen Industrial said total sales declined 1.6 percent year on year in April and May to US$861.1 million. The maker of sports shoes posted a 4 percent rise in net profit to US$217.69 million for the six months ended in March and a 9.7 percent increase in total sales to US$2.55 billion , while the business environment remained difficult due to the global economic decline. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090621/LTN20090621009.pdf
* Chinese sportswear retailer Pou Sheng International said its profit fell 86 percent to US$4.78 million for the six months to March as it reorganised non-profitable channels and liquidated excess inventory at higher discounts amid fierce price competition. It said retail sentiment could remain volatile in the near term. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090619/LTN20090619497.pdf
* Chinese property company Greentown China declared a special dividend of 0.18 yuan per share following completion of its offer of 9 percent senior notes maturing in 2013. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090619/LTN20090619499.pdf
* Sino-Ocean Land Holdings said it would issue 2.6 billion yuan ($380.3 million) in six-years bonds to investors in the mainland, raising capital to fund property development projects, repay bank borrowings and for working capital. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090619/LTN20090619166.pdf ----------------------MARKET SNAPSHOT @ 2252 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 <.SPX> 921.23 0.31% 2.860
USD/JPY
MARKETS SUMMARY *Microsoft and techs buoy S&P 500 and Nasdaq [nN19461933] *US dollar, yen fall as risk appetite returns [nN19332375] *Bargain-hunting pushes prices higher [nN19609553] *Gasoline sell-off drags crude oil lower [nSIN282931] (Reporting by Parvathy Ullatil; Editing by Chris Lewis)