U.S. retail sales in March snapped two months of increases, denting hopes that the recession in the world's largest economy was abating.

"The market is looking pretty overbought at this point. Even the China market moved little on Tuesday, so this is the time for profit taking," said Francis Lun, general manager with Fulbright Securities.

Lun expects the benchmark index to drop back to 15,000 points on Wednesday.

The benchmark Hang Seng Index .HSI rose 4.6 percent to finish at a four-month high of 15,580.16 in hectic trade on Tuesday.

STOCKS TO WATCH

* Angang Steel Company (0347.HK) said its profit attributable to equity holders fell to 3 million yuan in 2008, from 7.5 million yuan the year before. For statement please see here

* China Huiyuan Juice Group (1886.HK) said its profit attributable to equity holders fell sharply to 88.9 million yuan in 2008, from 640.2 million yuan the year before. For statement please see here

* Hutchison Telecommunications (2332.HK) said on Tuesday that Hong Kong's stock exchange has approved its plan to spin off its Hong Kong telephone business in a separate listing. For statement please see

* Dongfeng Group (0489.HK) posted net profit of 4 million yuan in 2008, up from 3.8 million yuan a year ago. For statement please see here

* China Southern Airlines (1055.HK) (600029.SS) swung to a net loss of 4.8 million yuan for 2008, from a profit of 1.8 million yuan tnews.hk/listedco/listconews/sehk/20090414/LTN20090414890.pdf

* CNNC International (2302.HK) will resume trade on Wednesday after shares in the firm were suspended on March 26. The firm had announced that its unit would buy Mongolia-focused uranium miner Western Prospector Group (WNP.V). For statement please see here

* China Haisheng Juice (0359.HK) said it has sued a counterparty and a ratings adviser, alleging that both parties had misled the firm and demanded collateral at the last minute for foreign exchange swap contracts that the company had entered into. For statement please see here ----------------------MARKET SNAPSHOT @ 2246 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 .SPX 841.5 -2.01% -17.230 USD/JPY <JPY=> 98.94 0.13% 0.130 10-YR US TSY YLD <US10YT=RR> 2.79 -- 0.000 SPOT GOLD <XAU=> 889.5 0.07% 0.650 US CRUDE CLc1 49.11 -0.61% -0.310 DOW JONES .DJI 7920.18 -1.71% -137.63 ASIA ADRS .BKAS 98.16 -1.95% -1.95 -------------------------------------------------------------

MARKET SUMMARY *Weak retail sales, Goldman hit Wall Street [ID:nN14457216] *Oil slips below $50 on demand, inventory f'casts[ID:nSP458479] *Dollar, yen gain on renewed safe-haven bid [ID:nN14451216] *Treasuries climb on falling retail sales data [ID:nN14581335]

(Reporting by Parvathy Ullatil; Editing by Ken Wills)