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China Mobile, Hang Lung, StanChart, Xinao Gas: Hong Kong Equity Preview
The following companies may have significant price changes in Hong Kong trading. Stock symbols are in parentheses. Share prices are as of the last close.
The Hang Seng Index was little changed at 19,741.80. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, dropped 0.7 percent to 11,158.84.
China phone companies: The country may stop mobile phone carriers this year from charging users to receive calls, so- called “two-way charges,” the Beijing Times reported today, citing an unidentified person.
China Mobile Ltd. (941 HK), the world’s biggest phone carrier by market value, gained 0.1 percent to HK$73.15. China Telecom Corp. (728 HK), the country’s biggest fixed-line carrier, lost 0.6 percent to HK$3.49. China Unicom (Hong Kong) Ltd. (762 HK), the nation’s second-biggest wireless carrier, slid 2.5 percent to HK$9.23.
Developers: Hong Kong’s home sales rose 8.7 percent in May to HK$42.85 billion from a year earlier, the Land Registry said on its website yesterday.
Cheung Kong Holdings Ltd. (1 HK), the Hong Kong developer controlled by billionaire Li Ka-shing, slid 0.7 percent to HK$87.55. Hang Lung Properties Ltd. (101 HK), Hong Kong’s fourth-largest developer by market value, rose 1.5 percent to HK$27.60. Henderson Land Development Co. (12 HK), controlled by billionaire Lee Shau-kee, climbed 1.6 percent to HK$47.05. Sun Hung Kai Properties Ltd. (16 HK), the world’s biggest developer, gained 0.5 percent to HK$101.60. Sino Land Co. (83 HK) slid 0.3 percent to HK$12.48.
U.K. Lenders: U.K. mortgage approvals rose to a four-month high in April as warmer weather and the ending of a transaction tax on house purchases for some first-time buyers helped boost demand. Lenders granted 49,871 loans to buy homes, compared with 49,008 in March, the Bank of England said yesterday in London.
Standard Chartered Plc (2888 HK), the U.K. lender that makes at least three quarters of its profit in Asia, increased 3.5 percent to HK$188. HSBC Holdings Plc (5 HK), Europe’s biggest bank by market value, rose 1.5 percent to HK$71.45.
Separately, HSBC said cash lent in Hong Kong mortgages increased more than 40 percent in May from April due low interest rates.
Beijing Capital Land Ltd. (2868 HK), one of the city’s largest land owners, said it has formed a $139.1 million venture, of which it will own 99 percent, to develop a residential and commercial complex on a 181,800-square meter site in Beijing’s Fangshan district. Beijing Capital Land slid 1.3 percent to HK$2.22.
Foxconn International Holdings Ltd. (2038 HK): The world’s biggest contract maker of mobile phones said the “exact magnitude” of the increased operating costs from raising salaries on production lines in China by 30 percent is not yet known. The increase “may or may not” have a material adverse effect on the group’s financial results for 2010, the company said. Foxconn slid 1.5 percent to HK$5.76.
Ping An Insurance (Group) Co. (2318 HK): China’s second- biggest insurer is slowing down bond investments because increased liquidity is driving yields lower than the company had expected, Deputy Chief Investment Officer Chen Dexian said. Ping An fell 0.2 percent to HK$61.30.
Xinao Gas Holdings Ltd. (2688 HK): The distributor of gas to more than 60 Chinese cities was downgraded to “neutral” from “overweight” at JPMorgan Chase & Co., saying alleged bribery involving the chief executive of its parent company will create a “negative overhang” for the stock in the near term. Xinao Gas, which yesterday denied the allegation, slumped 11 percent to HK$16.84