Hong Kong stocks set for higher open on G7 talk hopes

June 5, 2012 04:14


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HONG KONG - Battered Hong Kong shares are expected to open firmer on Tuesday, partly on short-covering ahead of emergency G7 talks on the euro zone debt crisis, though investors remain reluctant to take on fresh positions amid an increasingly gloomy global outlook.

The Hang Seng index lost 2 percent on Monday in a broad global selloff as weak US jobs growth added to worries about Europe's deepening debt crisis and China's slowing economy, drove investors out of riskier assets.

Finance chiefs of the Group of Seven leading industrialized powers will hold a special conference call on the debt crisis on Tuesday in a sign of heightened global alarm about strains in the 17-nation European currency area.

Hopes that the meeting will yield some solution to the euro zone's woes underpinned risky assets in early Asian trading, with Japan's Nikkei up 0.2 percent and South Korea's KOSPI up 0.8 percent as of 0030 GMT

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