Hong Kong, Sept. 28: Hong Kong stocks are set to open lower after a weak session on Wall Street is expected to prompt investors to take profits after the Hang Seng index moved well into overbought territory.
US stocks slipped as following a four-week rally that has defied September’s historical track record as the worst month for stocks. Hong Kong’s Hang Seng closed a per cent higher at an eight month high on healthy volume amid growing investor appetite for Asian equities, with local property developers continuing their recent strong run.
Shares of China Unicom are likely to be in focus after China’s No. 2 wireless carrier said it had sold $1.8 billion in convertible bonds. Elsewhere in Asia, Japan’s Nikkei was down 0.8 percent while South Korea’s was 0.2 per cent lower as of 1.20 am (GMT) and Seoul Composite dipped 4.86 points or 0.26 per cent.