GM Said to Name Barra as First Female CEO, Succeeding Akerson
Daiwa, KB Financial, Sun Hung Kai: Asian Stocks Preview
The following companies may have unusual price changes in Asian trading tomorrow. Stock symbols are in parentheses, and share prices are as of the latest close. The information in each item was released after markets shut unless stated otherwise.
Chinese banks: China needs to break a banking “monopoly” of a few big lenders that make easy profits because it’s hard to borrow money elsewhere, Premier Wen Jiabao said. The country can extend nationwide the successful parts of a pilot program in Wenzhou in Zhejiang province that allows private financing, including non-bank lending, Wen said on April 3, as cited by China National Radio.
Industrial & Commercial Bank of China Ltd. (1398 HK) gained 2 percent to HK$5.11 on April 3. Bank of Communications Co. (3328 HK) added 0.9 percent to HK$5.93. Bank of China Ltd. (3988) (3988 HK) jumped 1.9 percent to HK$3.20.
Hong Kong Developers: New home sales in Hong Kong climbed to HK$59.04 billion ($7.6 billion) last month, the highest in 14 months, from HK$19.03 billion in February while the number of residential transactions advanced to 11,358 from 3,884, data release by the Land Registry on its website yesterday showed. The city’s markets were closed today for a holiday.
Cheung Kong Holdings Ltd., controlled by billionaire Li Ka- shing, gained 1.4 percent to HK$103.10 when it last traded yesterday. Hang Lung Properties Ltd., Hong Kong’s third-biggest developer by market value, jumped 4 percent to HK$29.90.
Daikokutenbussan Co. (2791) (2791 JT): The operator of discount stores for food products and sundry goods cut its profit forecast 16 percent to 2.25 billion yen ($27 million) for the year through May, citing less-than-expected sales and higher corporate taxes. The stock rose 0.3 percent to 2,280 yen.
Daiwa Co. (8247) (8247 JT): Net income for the year ended Feb. 29 was 90 million yen, triple the company’s 30 million yen forecast, according to a preliminary earnings statement from the department store operator. The stock fell 1.1 percent to 88 yen.
Japan Cash Machine Co. (6418) (6418 JO): The maker of coin counters used in casinos and game arcades posted profit of 760 million yen in the 12 months through March, 17 percent better than its forecast, according to a preliminary earnings statement. The stock sank 2.7 percent to 747 yen.
Kappa Create Co. (7421) (7421 JT): The sushi restaurant chain forecast net income will rise 11 percent rise to 1.7 billion yen in the year through February 2013. The stock fell 2.4 percent to 1,732 yen.
KB Financial Group Inc. (105560) (105560 KS): The company hasn’t sought a merger with Woori Finance Holdings Co. (053000) even as it continuously reviewed mergers and acquisitions, it said in a regulatory filing. KB climbed 1.7 percent to 43,000 won. Woori lost 0.7 percent to 13,500 won.
Point Inc. (2685) (2685 JT): The apparel chain said net income fell 19 percent to 6.79 billion yen in the year ended Feb. 29, dragged down by higher personnel costs. The retailer forecast profit will rise 11 percent to 7.5 billion yen in the current fiscal year. Point retreated 1.3 percent to 3,010 yen.
Sun Hung Kai Properties Ltd. (16) (16 HK): Co-Chairman Raymond Kwok denied any wrongdoing and his brother Thomas said it was business as usual after Hong Kong’s anti-graft regulator detained the pair as part of a bribery investigation. Their comments came at an April 3 briefing. The stock jumped 2 percent to HK$96.25 that day.
To contact the reporter on this story: Norie Kuboyama in Tokyo at firstname.lastname@example.org
To contact the editor responsible for this story: Nick Gentle at email@example.com