Hong Kong stocks are expected to open lower and remain under selling pressure as investors focus on corporate profitability in a slowing economic environment as most Chinese companies prepare to report earnings for the September quarter. "Corporate profitability will be a major concern for the market for the short term," said Chad Kwok, portfolio manager at Guosen Securities (Hong Kong) Financial Holdings, who still believes that enough liquidity remains from the recent US easing that there is scope for a rally after the profitability concerns are addressed. Overnight, the Standard & Poor's 500-stock index closed down 15.3 points, or 1.05 per cent, at 1,441.59. The Nasdaq Composite lost 43.06 points, or 1.36 percent, to 3,117.73. In London, the FTSE-100 Index gained 20.87 points, or 0.36 per cent, to end at 5,859.71. Hot Stocks of the day: GOME ( 0493.HK ), Haier Electronics Group ( 1169.HK ) The city of Beijing will offer subsidies to firms that offer consumption loans or allow buying through loans till the end of 2012, which could encourage home appliance purchase through loans by 30 to 40 per cent, according to China Securities Journal. Nine Dragons Paper ( 2689.HK ) The company said net annual profit fell 27.8 per cent to 1.42 billion yuan, as the global economy slow down "exerted the greatest pressure on the Group’s operations ever since its founding". MINSHENG BANK ( 1988.HK ) Shao Ping, deputy head of the bank, has resigned all its posts in the lender due to "job changes", the bank said in a filing to the Hong Kong Stock Exchange. Foxconn International ( 2038.HK ) A factory in China owned by the manufacturer of Apple's iPhones resumed production on Tuesday after a brawl by workers highlighted tensions that labor groups say were worsened by the pressure of a new iPhone launch. China Gogreen Assets Investment ( 397.HK ) The clean energy producer said Wednesday it will sold its entire stake in Apollo Solar Energy ( 0566.HK ) for HK$210 million to repay debt and for other working capital purposes.
