Oct. 7 (Bloomberg) -- The following companies may have significant price changes in Hong Kong trading. Stock symbols are in parentheses. Share prices are as of yesterday’s close.
The Hang Seng Index gained 1.1 percent to 22,880.41. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, rose 0.7 percent to 12,772.03.
Developers: Home prices in Hong Kong will keep rising because of demand and supply imbalances, said Henry Cheng, managing director of New World Development Co.
New World Development (17 HK), the Hong Kong developer controlled by billionaire Cheng Yu-tung, jumped 4.9 percent to HK$16.70. Hang Lung Properties Ltd. (101 HK), Hong Kong’s third-biggest homebuilder, surged 4.6 percent to HK$38.45. Cheung Kong Holdings Ltd. (1 HK), the city’s second-biggest developer, rose 1.4 percent to HK$116.90. Sun Hung Kai Properties Ltd. (16 HK), the world’s biggest developer, increased 1.2 percent to HK$134.10.
China Oilfield Services Ltd. (2883 HK): The drilling unit of the nation’s largest offshore oil producer, was cut to “neutral” from “buy” at UBS AG following a rally in the shares. The brokerage raised its share-price estimate to HK$14.10 from HK$13.20. The stock dropped 2.6 percent to Hk$12.70.
Fook Woo Group Holdings Ltd. (923 HK): The paper recycling company was raised to “buy” from “neutral” at UBS AG, which said that a recent decline in the shares “provides a good entry point” for investors. The brokerage maintained its share-price estimate of HK$3.20. Its shares gained 0.4 percent to HK$2.58.
Hanny Holdings Ltd. (275 HK): The computer-products maker will buy a 50 percent stake in a company that plans to build a shopping mall in Guangzhou, China, from ITC Properties Group Ltd. (199 HK) for HK$480 million ($62 million), the companies said in a joint statement. Hanny Holdings last traded unchanged at 49 Hong Kong cents. ITC Properties last traded at HK$2.13.
HSBC Holdings Plc (5 HK): Europe’s largest bank had its rating cut to “neutral” from “outperform” at Mediobanca SpA because of the lender’s declining dependence on faster-growing emerging markets. HSBC rose 1.4 percent to HK$82.05.
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