Hong Kong shares seen cautiously higher

The latest Chinese economic data is expected to encourage rises in Hong Kong shares this week, although worries about the profit outlook for some companies and rising oil prices may limit gains.
Traders expect the Hang Seng Index to trade between 12,000 and 12,400 this week.
"China's data will help boost stocks across the board and also investor sentiment. H shares will fare well," said Alex Tang, a research director at Core Pacific-Yamaichi International (HK) Ltd H shares are Hong Kong-listed Chinese-registered firms.
On Friday news of unexpectedly weak Chinese second-quarter economic growth suggested a soft landing for the economy, sparking hopes that the central bank may not need to resort to an interest rate rise.
The news helped lift Hong Kong's benchmark Hang Seng Index by 1 percent to 12,059.20. The index finished 1.17 percent lower than a week earlier and has lost 4.11 percent this year.
"Stock markets at home and overseas have been fairly weak over the past couple weeks. So, we're finally seeing rekindled investor interest towards equities," said Alex Wong, a research director of Rexcapital asset management.
However, not all investors would plunge into the market. Many preferred waiting for a batch of corporate earnings.
Middle-size companies, such as Kingmaker Footwear Holdings Ltd, manufacturer of Timberland Co and Skechers USA Inc, will begin issuing full-year results this week, to be closely followed by blue chips.
Investor confidence might be held back by rising oil prices and by concerns that the US economic rebound is beginning to cool.
Hong Kong stocks often move in tandem with their counterparts in the United States, which is the city's second-largest trading partner, after the rest of China. The city will issue figures for unemployment and inflation this week, perhaps offering evidence that its economic recovery is still on track.
The Hong Kong government is expected to announce on Tuesday that the city's unemployment rate between April and June was unchanged, according to a poll of eight economists.