HK shares to open 0.45 percent higher; CCB climbs

HONG KONG (BestGrowthStock) – Hong Kong shares were set to open up 0.45 percent on Monday, with China Construction Bank (CCB) rising after reporting fourth-quarter profit (Read more your timing to make a profit.) that almost tripled thanks to a lending binge.

CCB (0939.HK: ) rose 0.33 percent. China’s No. 2 lender said it expects to rein in loan growth this year after a 2009 lending binge.

Geely Auto (0175.HK: ) rose 3.66 percent after its parent Zhejiang Geely Holding Group agreed on Sunday to buy Ford’s (F.N: ) Volvo car unit for $1.8 billion, the country’s largest overseas auto purchase.

Sinopec (0386.HK: ), Asia’s top oil refiner, was up 0.79 percent after it said it would buy upstream assets in Angola for over $2 billion and wanted more such deals, which could shield it from high oil prices.

The benchmark Hang Seng Index (.HSI: ) was set to open at 21,248. The China Enterprise Index (.HSCE: ) of top locally listed mainland Chinese stocks was up 0.82 percent.

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(Reporting by Kelvin Soh; Editing by Jonathan Hopfner)

HK shares to open 0.45 percent higher; CCB climbs