HONG KONG, Sept 3 (Reuters) - Hong Kong stocks are set to extend gains on Friday on the back of continued strength in overseas markets, although the benchmark index could be capped by key technical resistance.
U.S. stocks rose on Thursday after data showing improvement in housing and the country's lacklustre job market boosted hopes for a better-than-expected monthly payrolls figure.
On Thursday, Hong Kong's Hang Seng Index <.HSI> closed up 1.2 on higher volume at 20,868.92, with car makers among the top gainers as investor confidence returned on the back of upbeat economic data from the United States and China.
The index could run into resistance at its 200-day moving average currently at 20,958.3.
Elsewhere in the region, Japan's Nikkei <.N225> was up 0.7 percent while South Korea's KOSPI <.KS11> was trading 0.3 percent higher as of 0110 GMT.
STOCKS TO WATCH:
- Ping An Insurance (Group) Co of China Ltd <2318.HK>, the world's second-biggest insurer, said on Thursday that it aimed to complete the integration of its own bank with Shenzhen Development Bank Ltd <000001.SZ> (SDB) within a year. [ID:nTOE68107O]
- Newbridge Asia is planning to sell shares worth $1.16 billion of Ping An Insurance through a block deal, according to a term sheet seen by Reuters. [ID:nTOE68107G]
- Esprit Holdings Ltd <0330.HK>, Asia's No.3 apparel retailer, on Thursday said it was looking to China as its next growth engine, aiming to double sales there in five years as its core European market remains uncertain. [ID:nTOE68104F]
- Underground shopping center operator and developer Renhe Commercial Holdings Co Ltd <1387.HK> said it would issue $300 million in 13 percent senior notes due 2016, raising capital to finance existing projects, to acquire and develop new projects, and for working capital. For statement click http://www.hkexnews.hk/listedco/listconews/sehk/20100903/LTN20100903003.pdf
- Radial tire cord and bead wire trader Xingda International Holdings Ltd <1899.HK> said it would sell 138.6 million shares at a discounted HK$5.50 each in a top-up placement, raising HK$762 million to enhance production facilities, to finance development of new products and for working capital. For statement click http://www.hkexnews.hk/listedco/listconews/sehk/20100902/LTN201009021185.pdf.
- Far East Consortium International Ltd <0035.HK> said it planned a spinoff and seek a separate listing of Kosmopolito Hotels International Ltd in Hong Kong, in a bid to separates the business of property development from hotel investment, operation, management and development. For statement click http://www.hkexnews.hk/listedco/listconews/sehk/20100902/LTN20100902941.pdf MARKET SUMMARY * Wall St rises on economic hopes ahead of payrolls [nN02244581] * Oil ends up on Earl threat, platform explosion [nSGE68103Q] * US dollar slides broadly on easing growth fears [nN02240935] * Treasuries fall as data calm economy fears [nN02241012] (Reporting by Vikram S Subhedar; Editing by Chris Lewis)