Agribank, Cnooc, Henderson Land, MTR: 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. The city’s stock market was closed on April 22 and April 25.

The Hang Seng Index (HSI) rose 1 percent to 24,138.31. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, gained 1.2 percent to 13,659.35.

China banks: China’s banking regulator set capital targets for the nation’s five biggest lenders above the minimum 11.5 percent ratio amid concern that credit risks may rise, three people with knowledge of the matter said.

Industrial & Commercial Bank of China (601398) Ltd. (1398 HK), the world’s No. 1 lender by market value, rose 1.7 percent to HK$6.70. China Construction Bank Corp. (939) (939 HK), the second- biggest, advanced 1.1 percent to HK$7.48.

Chinese developers: Average prices for new homes in Shanghai rose 49 percent in the week ended April 24, boosted by luxury residential property sales, property consultant Shanghai UWin Real Estate Information Services Co. said.

China Resources Land Ltd. (1109) (1109 HK), a state-controlled developer, rose 0.6 percent to HK$14.34. China Overseas Land & Investment Ltd. (688) (688 HK), controlled by the nation’s construction ministry, gained 1 percent to HK$16.08.

Hong Kong developers: The city’s home prices rose 0.6 percent in the seven days ended April 17 from a week earlier, according to Centaline Property Agency Ltd. The Centa-City Leading Index, an indicator of housing prices in Hong Kong, gained to 97.13, the company said on its website.

Sun Hung Kai Properties Ltd. (16) (16 HK), the world’s biggest developer, fell 0.3 percent to HK$121.80.

Henderson Land Development Co. (12 HK), the builder controlled by billionaire Lee Shau-kee, dropped 0.6 percent to HK$53.95. The company raised its 2011 sales target to HK$15 billion ($1.9 billion) from HK$10 billion, the Hong Kong Economic Journal reported, citing Lam Tat-man, general sales manager at the company.

Cheung Kong (Holdings) Ltd. (1 HK), the developer controlled by billionaire Li Ka-shing, plans to sell as many as 4,400 homes in Hong Kong in the second half of this year in one of its projects, Sing Tao Daily reported, citing Executive Director Justin Chiu. The stock rose 1 percent to HK$126.20.

Agricultural Bank of China Ltd. (1288) (1288 HK): The nation’s fourth-largest lender said it will cooperate with Bank of Montreal on providing cross-border private banking services. Agricultural Bank gained 1.1 percent to HK$4.73.

China Life Insurance Co. (2628 HK): The nation’s biggest insurer said first-quarter net income fell 22 percent from the same period a year earlier to 7.97 billion yuan ($1.22 billion). The stock increased 1 percent to HK$29.65.

Cnooc Ltd. (883) (883 HK): The nation’s largest offshore oil producer said operations were shut down at some oilfields after rough sea conditions caused a malfunction on a floating production, storage and offloading vessel. The stock increased 2.2 percent to HK$19.88.

Minmetals Resources Ltd. (1208) (1208 HK): Barrick Gold Corp., the world’s biggest gold company, agreed to buy copper producer Equinox Minerals Ltd. for C$7.32 billion ($7.69 billion) in cash, topping an offer from China’s Minmetals Resources. Minmetals, the unit of China’s biggest metals trader, jumped 3.1 percent to HK$5.71.

MTR Corp. (66) (66 HK): Hong Kong’s subway operator issued an apology for sending a letter threatening to withdraw advertising on media that ran negative reports about the company. OMD, the public relations company hired by MTR, “misinterpreted MTR’s intention” in the letter, the company said in a press release posted on its website. OMD has withdrawn the letter upon MTR’s request, according to the release. The stock was unchanged at HK$28.65.

PetroChina Co. (857 HK): China’s largest oil company plans to increase daily oil processing at its Dalian plant by 2.5 percent next month, an official from the refinery said by telephone from Dalian yesterday. The stock gained 1.9 percent to HK$11.88.

To contact the reporter on this story: Kana Nishizawa in Tokyo at knishizawa5@bloomberg.net

To contact the editor responsible for this story: John McCluskey at j.mccluskey@bloomberg.net.

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