AgriBank, China Coal, Cnooc, HSBC: 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 Hang Seng Index advanced 1.1 percent to 23,156.97. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, gained 1.3 percent to 12,437.23.
Agricultural Bank of China Ltd. (1288 HK): The bank and OAO Promsvyazbank, Russia’s third-largest non-state lender, signed an accord to conduct operations in the Chinese yuan. The agreement is part of Russia’s efforts to boost economic ties with China, Promsvyazbank President Artem Konstandian said. Agricultural Bank, China’s fourth-biggest lender by market value, climbed 0.8 percent to HK$3.78.
Cheung Kong (Holdings) Ltd. (1 HK): The developer’s Executive Director Justin Chiu said Hong Kong property prices will rise by “double digits” this year on low interest rates and limited supply of new homes, the Standard reported. Cheung Kong, the city’s no. 2 developer by market value, gained 2.5 percent to HK$121.40.
China Coal Energy Co. (1898 HK): The company said its January production of commercial coal rose 5.6 percent to 8.82 million metric tons. The stock rose 0.4 percent to HK$11.38.
China Properties Investment Holdings Ltd. (736 HK): The property investor said it plans to raise about HK$338.3 million ($43 million) in an offer of 30 rights shares at 6.8 cents each for every share held. The stock declined 3.5 percent to 41.5 Hong Kong cents.
Cnooc Ltd. (883 HK): Cnooc’s parent China National Offshore Oil Corp., the country’s third-biggest oil producer, posted an 86 percent increase in 2010 profit as the company boosted production to benefit from higher demand. Cnooc increased 1.9 percent to HK$16.84.
Cosco Pacific Ltd. (1199 HK): The nation’s largest shipping company said its container-terminal throughput increased 21 percent in January from a year earlier to 4.28 million 20-foot equivalent units. The stock advanced 2.5 percent to HK$14.96.
HSBC Holdings Plc (5 HK): Europe’s biggest bank said it appointed Noel Quinn as head of commercial banking for Asia Pacific. The stock advanced 1.6 percent to HK$88.90.
Wheelock & Co. (20 HK): The developer’s unit plans to spend more than HK$10 billion buying land, Hong Kong Economic Journal reported, citing Ricky Wong, a director at the company. Home prices in Hong Kong may rise 10 percent this year, Wong said, according to the Chinese-language newspaper. The stock slid 0.5 percent to HK$28.50.
ZTE Corp. (763 HK): China’s second-biggest maker of phone- network equipment will take part in bidding for bankrupt Nortel Networks Corp.’s long-term evolution, or LTE, patents, Reuters said, citing Wang Haibo, the company’s intellectual property director. The stock rose 3 percent to HK$32.65.
To contact the editor responsible for this story: Nick Gentle at email@example.com.