Market Open: Hang Seng seen higher on positive US data
Hang Seng is likely to follow the US market and open higher after the world's biggest economy ended last week on a positive note, with upbeat employment data. Yet any gains could be capped as investors may continue to take profit as the gauge hovers around a 19-month high.
Transport stocks could come under selling pressure on Monday after the Chinese government said it would make public transportation account for 60 per cent of all motor vehicle use in towns and cities.
Geely (0175.HK) said auto exports has exceeded 100,000 units in 2012, up 164 per cent from a year earlier. China Minsheng Bank (1988.HK) said it plans to set up a investment banking unit in Hong Kong but further details are not yet available as the bank seeks government approval.