Norway is the world’s eighth-largest oil exporter and the
second largest for gas. Oil production peaked in 2001 and has
fallen since. In 2010 the Nordic country produced 1.8 million
barrels per day.
That could weigh on property developers and put pressure on
the benchmark as banking shares, which have led the charge over
the past two sessions, stabilise.The Hang Seng index closed up 2.4 percent at 18,141.6
on Tuesday and is up about 2,000 points over the past week. The
China Enterprises index rose 4.4 percent.With short-selling activity still relatively high and low
turnover in Hong Kong suggesting caution, traders say the market
could be in for some profit-taking.Elsewhere in Asia, the Nikkei was down 0.7 percent
while South Korea’s KOSPI was 0.8 percent lower as of
0100 GMT.STOCKS TO WATCH:* Angang Steel , the listed arm of
China’s Anshan Steel Group, said on Tuesday it plans to issue up
to 6 billion yuan ($941 million) in short-term bonds and 8
billion yuan of medium-term notes, raising proceeds to repay
loans, restructure finances and lower financing costs.* Great Wall Motor Co Ltd , China’s top
manufacturer of sport utility vehicles and pick-up trucks, will
not appeal an Italian court ruling that its GW Peri compact
infringes Fiat’s patent, saying the ruling would have
no impact on it.* Great Wall Motor said it is on track to meet its 2011
sales target of 500,000 vehicles, allaying worries that slower
growth in the world’s largest auto market may cut into sales.* Russian state bank VEB will sign a deal with China
Development Bank (CDB) under which CDB will provide $1.43
billion for building the first stage of UC RUSAL’s
750,000-tonne Taishet aluminium smelter, VEB head Vladimir
Dmitriev said.* Property developer Shui On Land Ltd has returned
to the loan market for the second time this year with an up to
$410 million deal to refinance existing debt and fund expansion,
banking sources said.* Asia’s top refiner China Petroleum & Chemical Corp
(Sinopec) will cut crude oil throughput
this month at its Gaoqiao refinery by about 13 percent from
September as a fire-hit coking unit will not come back online
until late this month, an industry source said.* PetroChina’s Dushanzi refinery will
resume normal operations this week after an almost two-month
turnaround, an industry source said on Tuesday.* Changsha Zoomlion Heavy Industry Science and Technology
Development Co Ltd said on Tuesday it
expected net profit in the first three quarters to rise as much
as 92 percent on higher sales.* Emperor Watch & Jewellery Limited said it had
commenced discussion with independent third parties on possible
investment opportunities to expand its existing business but no
formal agreement had been entered. For statement click here* Chinese developer Guangzhou R&F Properties Co., Ltd
said contracted sales in September amounted to 3.01
billion yuan, up 50 percent from last month. Given upcoming
launches, full year sales are expected to remain on pace if
policies stay stable, it added.
