Agricultural Bank, Cheung Kong, ZTE: Hong Kong Stocks 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 on April 4.
The Hang Seng Index (HSI) rose 1.5 percent to 24,150.58. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, rose 1 percent to 13,586.70.
Banks: China’s central bank raised one-year lending and deposit rates by 25 basis points, effective today.
Industrial & Commercial Bank of China (601398) Ltd. (1398 HK), the nation’s biggest lender by market value, rose 1.8 percent to HK$6.68. Bank of China Ltd. (3988) (3988 HK), the nation’s third- largest, increased 1.1 percent to HK$4.42. Agricultural Bank of China Ltd. (601288) (1288 HK) advanced 0.9 percent to HK$4.48.
Hong Kong developers: Hong Kong’s home sales in March rose 14 percent to HK$51.9 billion ($6.7 billion) from February, the city’s Land Registry said in a statement.
Sun Hung Kai Properties Ltd. (16) (16 HK), the world’s biggest developer by market value, increased 1.4 percent to HK$127.10. Cheung Kong (Holdings) Ltd. (1 HK), the developer controlled by billionaire Li Ka-shing, gained 2.1 percent to HK$129.90.
Anhui Conch Cement Co. (914 HK): The cement producer said its first-quarter profit may have gained more than 150 percent from a year earlier after the company raised the price of its products. The stock fell 1.3 percent to HK$47.20.
Hong Kong Resources Holdings Co. (2882 HK): The operator of gold and jewelry shops in China said Executive Director Chui Chuen Shun was fined by a court for failing to disclose the cessation of his interest in the company’s shares in a timely fashion. The stock gained 2.9 percent to 71 Hong Kong cents.
Guangzhou R&F Properties Co. (2777 HK): The developer’s contracted sales in March were 2.2 billion yuan ($336 million), according to an e-mailed statement from the company. The stock gained 1.4 percent to HK$11.82.
Minmetals Resources Ltd. (1208) (1208 HK): The unit of China’s biggest metals trader wants to add copper assets in Africa and South America in the next three to five years, Executive General Manager Michael Nossel said. The stock increased 2.4 percent to HK$6.72.
Wing Hing International Holdings Ltd. (621) (621 HK): The Hong Kong building contractor said it will swap an 84 percent stake in itself for an 87 percent holding in South African gold miner Taung Gold Ltd. in a deal valued at $580 million. Wing Hing said it requested to resume trading of its shares today after being suspended on Jan. 31.
ZTE Corp. (000063) (763 HK): The Chinese telecommunications equipment maker that’s being sued by Ericsson AB for alleged patent infringement, said it will respond by starting “patent invalidation procedures” against Ericsson in China, the Financial Times reported. ZTE dropped 4.4 percent to HK$35.
To contact the editor responsible for this story: Nick Gentle at email@example.com.