HONG KONG, Sept 9 (Reuters) - Hong Kong stocks are likely to open slightly higher on Thursday, recovering some of Wednesday's losses, after Wall Street eked out gains in light volume on positive news out of Europe.
U.S. stocks climbed on Wednesday, led by banks, but subdued trading activity suggested investors were not entirely convinced the market could move substantially higher.
"The Hang Seng Index should track overnight gains on Wall Street and open slightly higher today, but there's still caution ahead of economic data later this week," said Conita Hung, head of equity research at Delta Asia Financial Group.
Investors await a flood of monthly data from China in coming days expected show continued moderation in economic growth in August, another bumper trade surplus and an increase in inflationary pressures as bad weather across much of the country pushed up food prices.
Hong Kong's Hang Seng Index snapped a five-day winning streak on Wednesday, falling 1.5 percent, as China Mobile Ltd tumbled after Vodafone Group Plc sold its stake in the world's largest mobile carrier at a discount.
China Unicom also eased and could see some respite on Thursday on reports that Telefonica SA will go ahead with plans to raise its 8.4 percent stake in the company.
Elsewhere in the region, Japan's Nikkei rose 0.7 percent while South Korea's KOSPI was up 0.1 percent.
STOCKS TO WATCH:
- Bank of China Ltdhas obtained approval from the China Banking Regulatory Commission for a 60 billion yuan ($8.83 billion) share placement in Shanghai and Hong Kong, the bank said in a stock exchange filing on Thursday.
- The National Development and Reform Commission said on Wednesday it had approved the first phase of China Petroleum & Chemical Corp's (Sinopec) liquefied natural gas project in eastern Shandong province.
- Shanghai Pharmaceuticals Holding Co Ltd, the Chinese partner of Roche Holding AG, said on Wednesday it plans to raise at least 8 billion yuan ($1.2 billion) through a public share offering in Hong Kong.
- An aromatics unit hit by a small fire on Tuesday at PetroChina Co Ltd's Fushun refinery may take a week to repair, company sources said on Wednesday.
- HSBC Holdings Plc's outgoing Chairman Stephen Green said on Wednesday that he expected the worst of the financial crisis was over.
- North Asia Resources Holdings Ltd said it would issue $33 million in convertible bonds due three years from the issue date, raising HK$243 million for acquisition of an iron concession in Mongolia and to fund future acquisitions. For statement click http://www.hkexnews.hk/listedco/listconews/sehk/20100908/LTN20100908577.pdf
- Haitian International Holdings Ltd said its controlling shareholder Sky Treasure had agreed to sell 59.85 million shares at HK$5.78 each, reducing its stake in the plastic injection molding machines maker and distributor to 64.64 percent from 68.39 percent. For statement click http://www.hkexnews.hk/listedco/listconews/sehk/20100908/LTN20100908557.pdf (Reporting by Vikram S Subhedar; Editing by Chris Lewis)