HONG KONG, Aug 19 (Reuters) - Hong Kong shares are seen firmer on Wednesday after positive earning momentum restored confidence among U.S. investors and energy and metal prices rebounded.
Chinese bank shares may hit the spotlight as Bank of Communications, China's fifth-biggest lender, kicks off the earnings season for mainland banks on Wednesday.
Chinese banks boosted their lending at a record pace in the first half of the year but are set to report lower first-half earnings on compressed interest margins.
BoCom will be followed by the world's two biggest banks by market value: Industrial and Commercial Bank of China on Thursday and China Construction Bank on Friday.
Crude oil rose nearly $1 to above $70 a barrel on Wednesday, following the American Petroleum Institute's report of a surprisingly deep draw in crude oil inventories last week.
The benchmark Hang Seng Index rose 0.8 percent on Tuesday tracking a rise in the Shanghai stock market, as banks including HSBC recovered from recent losses.
STOCKS TO WATCH-
* China Properties Investment said late on Tuesday it would issue up to HK$600 million ($77.42 million) worth of 2-year zero coupon convertible bonds to independent investors, raising capital to fund possible acquisitions and for working capital. Trading in the shares will resume on Wednesday. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090818/LTN20090818647.pdf
* Weichai Power Co Ltd said late on Tuesday net profit attributable to shareholders for the first half of 2009 would range from 1.0-1.25 billion yuan in accordance to Chinese accounting standards, while operating revenue amounted to 15.8 billion yuan ($2.31 billion). But no bonus issue and scrip dividend of shares will be made.
The firm is due to announce its half-yearly results on Aug 29. Trading in the H-shares will resume on Wednesday. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090818/LTN20090818639.pdf
* Sichuan Expressway posted a 34.43 percent year-on-year rise in first-half profit to 414.14 million yuan, and total toll income was up 13.78 percent to 918.81 million yuan as the economy recovered during the period and its performance last year was hit by snowstorms and an earthquake in Sichuan province. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090818/LTN20090818623.pdf
* Maanshan Iron & Steel posted a 795.4 million yuan loss in the first half of 2009, against a 2.24 billion yuan profit a year ago, due to a decline in sales volume and prices of steel products on declining demand amid the economic crisis. It said domestic steel product prices were facing uncertainties in second half despite expected growth in demand. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090818/LTN20090818551.pdf
* China Water Affairs Group said China Constructon Bank had agreed to provide 2 billion yuan worth of loans and credit facilities for the business development of the company. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090818/LTN20090818406.pdf
(Reporting by Parvathy Ullatil; Editing by Jonathan Hopfner)