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China Railway, HSBC, Lumena, PetroChina, Xinao: 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 rose 0.4 percent to 20,623.83. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, climbed 0.8 percent to 11,498.94.
Energy companies: China may invest between 250 billion yuan ($36.7 billion) and 300 billion yuan in offshore drilling equipment as part of efforts to add 50 million tons of production capacity for oil and natural gas in the five years from 2011 through 2015, the Shanghai Securities News reported today, citing Jin Xiaojian, director of projects engineering for Cnooc Ltd. (883 HK)
Cnooc, China’s biggest offshore energy explorer, dropped 1.6 percent to HK$13.22. PetroChina Co. (857 HK), Asia’s largest company by market value, rose 0.6 percent to HK$8.49. China Petroleum & Chemical Corp. (386 HK) climbed 0.5 percent to HK$6.19.
Casino-related companies: Gambling revenue in Macau, the world’s biggest casino hub, rose 40 percent to 15.8 billion patacas ($1.97 billion) in August, according to Macau’s Gaming Inspection and Coordination Bureau.
SJM Holdings Ltd. (880 HK), the casino operator controlled by Macau billionaire Stanley Ho, fell 0.7 percent to HK$7.43. Wynn Macau Ltd. (1128 HK), an operator of a destination casino resort, gained 0.8 percent to HK$13.52. Galaxy Entertainment Group Ltd. (27 HK), a casino operator, slid 2 percent to HK$5.88.
China Railway Construction Corp. (1186 HK): The world’s biggest listed heavy construction company aims to increase income from real-estate development by 80 percent this year to 10 billion yuan, the South China Morning Post reported, citing Chief Financial Officer Li Jiansheng. The stock rose 1.6 percent to HK$10.08.
Guangzhou R&F Properties Co. (2777 HK): The biggest real- estate company in the southern Chinese city said contracted sales jumped 45 percent in August from a year earlier to 3.059 billion yuan. The shares climbed 0.5 percent to HK$11.34.
HSBC Holdings Plc (5 HK): Europe’s largest bank said it started offering mortgages in Russia. The company also said demand for mortgages may increase tenfold in the next ten years. The stock climbed 0.9 percent to HK$76.45.
Lumena Resources Corp. (67 HK): The sodium-sulfate producer is in “advanced” talks to buy a rival which has annual output capacity of 500,000 metric tons, the South China Morning Post reported, citing Chief Executive Officer Zhang Daming. The stock surged 6.4 percent to HK$2.51.
KWG Property Holding Ltd. (1813 HK): The mainland Chinese developer had achieved 82 percent of its full-year sales target of 10 billion yuan as of the end of last month, the South China Morning Post said, citing Chief Financial Officer Kenneth Leung. The stock advanced 0.6 percent to HK$5.46.
Ping An Insurance (Group) Co. (2318 HK): China’s second- largest insurer said it will merge its bank unit into Shenzhen Development Bank Co. (000001 CH) in a deal valued at about 29.1 billion yuan to consolidate banking operations and comply with a government regulation. Ping An also said it will resume trading in Hong Kong today. The company was last traded on June 29.
Xinao Gas Holdings Ltd. (2688 HK): The distributor of gas to more than 60 Chinese cities was cut to “neutral” from “buy” by UBS AG analyst David Pow. The stock jumped 2.9 percent to HK$21.45.
To contact the reporter on this story: Kana Nishizawa in Tokyo at knishizawa5@bloomberg.net.
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