China Agri, Hisense Kelon, PetroChina: Hong Kong Stocks Preview
The following companies may have significant price changes in Hong Kong. Stock symbols are in parentheses. Share prices are as of the last close.
The Hang Seng Index fell 0.5 percent to 23,876.86. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, dropped 0.9 percent to 12,735.57.
Developers: Weekend transactions of used homes in some of Hong Kong’s biggest private housing projects fell as much as 20.5 percent as the government boosts housing supply. The number of deals recorded on Jan. 22 and 23 dropped to 81 from 102 a week earlier, Centaline Property Agency Ltd., Hong Kong’s biggest closely held realtor, said yesterday.
Sun Hung Kai Properties Ltd. (16 HK), the city’s biggest developer by market value, lost 0.7 percent to HK$135.10. The company sold more than 90 percent of the 84 units offered at its Park Nara housing development in Hong Kong, Ming Pao Daily News reported Jan. 22.
Cheung Kong (Holdings) Ltd. (1 HK), the No. 2 developer, slid 0.2 percent to HK$132.60.
Separately, Cheung Kong may offer 3.5 billion pounds ($5.6 billion) for the U.K.’s second-biggest power network, the Sunday Times reported, without saying where it got the information.
Cathay Pacific Airways Ltd. (293 HK), the world’s fourth- largest carrier by market value, said its flight attendants union called off plans for possible industrial action in the coming weeks over a wage dispute. The stock dropped 5.8 percent to HK$20.95.
China Agri-Industries Holdings Ltd. (606 HK): The biofuel producer said it expects 2010 profit to fall 13 percent from a year earlier. The stock lost 2 percent to HK$8.50.
China Railway Construction Corp. (1186 HK), builder of more than half of the nation’s railroads, said it will sell an unprofitable contract to build a light railway in Mecca to its parent for 2.08 billion yuan ($316 million). The stock rose 0.7 percent to HK$9.42 when it last traded on Jan. 19.
China Unicom (Hong Kong) Ltd. (762 HK): Telefonica SA agreed to increase its stake in Unicom to about 9.7 percent, while the Chinese company will increase its holding in the Spanish operator to 1.37 percent. Each company will buy $500 million of shares in the other, with China Unicom buying treasury shares from Telefonica at 17.16 euros ($23) each, according to a statement. Unicom gained 2.3 percent to HK$12.34.
Goldin Financial Holdings Ltd. (530 HK): The former glass- eel trader said the company is likely to record a loss for the six months ended Dec. 31 from a year earlier because of loss in financial investment. The stock dropped 3.3 percent to 87 Hong Kong cents.
Hisense Kelon Electrical Holdings Co. (921 HK): The home appliance maker said it expects 2010 net income to rise by up to 320 percent to as much as 631 million yuan ($95.8 million). The stock fell 4.9 percent to HK$4.48.
Industrial & Commercial Bank of China Ltd. (1398 HK): The world’s biggest lender by market value agreed to buy an 80 percent stake in Bank of East Asia Ltd.’s (23 HK) U.S. operations for $140 million, the companies said. ICBC lost 1 percent to HK$5.89. Bank of East Asia added 0.1 percent to HK$35.20.
PetroChina Co. (857 HK): Eni SpA, Italy’s biggest oil company, said it has signed an agreement with PetroChina and its parent China National Petroleum Corp. to study business opportunities, including expanding their operations in hydrocarbons in Africa. PetroChina may buy stake in Eni assets, it said. PetroChina, the country’s biggest oil and gas producer, declined 1.5 percent to HK$10.58.
To contact the editor responsible for this story: Nicolas Johnson at firstname.lastname@example.org.