HONG KONG, Aug 26 (Reuters) -Hong Kong shares are expected to move within a narrow range on Wednesday as corporate earnings continue to pour in, while investors remain concerned about possible changes to Beijing's fiscal and monetary policies.
Top earnings on Wednesday are from offshore oil and gas specialist CNOOC and Beijing-backed conglomerate CITIC Pacific. On Tuesday,China Life Insurance Co, the country's top life insurer, posted a 15.2 percent rise in first-half profit, as a booming stock market boosted its returns on investments.
The insurer said it earned 18.2 billion yuan ($2.7 billion) in the first half, lagging a 22.8 billion yuan forecast from analysts polled by Reuters.
The benchmark Hang Seng Index trimmed losses to end 0.49 percent lower on Tuesday after earlier tracking Shanghai's retreat on profit-taking.
STOCKS TO WATCH
* Non-ferrous metal trader EPI (Holdings) said it would buy a petroleum producer in Argentina for HK$3.34 billion, of which HK$840 million to be settled by a promissory note issue, HK$190 million by an issue of new shares and HK$2.31 billion by a convertible note issue. Trading in the shares will resume on Wednesday. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090826/LTN20090826004.pdf
* Air China said its first-half net profit rose to 2.88 billion yuan, from 1.13 billion yuan a year earlier, on gains in the fair value of its fuel hedging contracts. It forecast a rapid increase in traffic capacity by domestic airlines and that intensified price competition would affect its yield in the second half year, while exchange rate fluctuations and rising fuel costs would increase challeneges to its operations. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090825/LTN20090825489.pdf
* Chinese supermarket chain operator Times Ltd said it had hired The Hongkong and Shanghai Banking Corporation Limited as financial adviser for a strategic review of the company and had invited a number of parties to make proposals in connection with the strategic review, which may lead to a general offer for the company. Initial expressions of interest have been received from certain parties. Trading in the shares will resume on Wednesday. For statement please clickhttp://www.hkexnews.hk/listedco/listconews/sehk/20090825/LTN20090825464.pdf ----------------------MARKET SNAPSHOT @ 2243 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 <.SPX> 1028 0.24% 2.430
USD/JPY
MARKETS SUMMARY *Wall St gains; economic data, Bernanke boost mood [nN25229635] *Oil tumbles from 10-month peak on profit-taking [nSP347579] *Dollar mixed as US data sparks opposite plays [nN25225047] *Treasuries rise after decent 2-year auction [nN25225690] (Reporting by Parvathy Ullatil; Editing by Chris Lewis)