Cathay Pacific, Cheung Kong, Guoco: Hong Kong Stock 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 (HSI) yesterday climbed 0.1 percent to 22,061.78. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, increased less than 0.1 percent to 12,486.79.
Refiners: China may reduce fuel prices by about 200 yuan a metric ton as early as August, National Business Daily reported today, without saying where it got the information.
China Petroleum and Chemical Corp. (386 HK), the refiner, increased 2.4 percent to HK$7.79. PetroChina Co. (857 HK) climbed 1.4 percent to HK$11.30.
Cathay Pacific Airways Ltd. (293) (293 HK): The airline’s on-time arrivals for flights between Hong Kong and Shanghai has increased sixfold in the last seven months, the South China Morning Post newspaper reported. The stock rose 1.5 percent to HK$17.78.
Cheung Kong (Holdings) Ltd. (1 HK): The property developer and Hutchison Whampoa Ltd. (13) (13 HK) have received development rights for a site in Nanjing that they secured in December, the Standard newspaper reported.
Separately, Cheung Kong expects “downward pressure” on Hong Kong home prices in the second half of this year because property values are beyond the reach of most residents, Hong Kong-based Apple Daily reported today, citing Justin Chiu, executive director of the developer. Cheung Kong fell 0.6 percent to HK$109.50. Hutchison Whampoa fell 0.7 percent to HK$82.25.
Dah Chong Hong Holdings Ltd. (1828) (1828 HK): The company agreed to sell a ground-floor unit in Hong Kong’s Causeway Bay district for HK$195 million ($25 million), booking a gain of HK$81 million. The stock rose 1.1 percent to HK$8.95.
Guoco Group Ltd. (53) (53 HK): Rank Group’s independent directors recommended shareholders accept an offer from Guoco Group, even though they consider the offer to “substantially undervalue Rank.” Guoco climbed 0.3 percent to HK$94.50.
Real Gold Mining Ltd. (246) (246 HK): The Chinese gold producer, which has been suspended from trading since May 27, will be removed from the Hang Seng Composite Index and two sub-indexes from July 11, the Hang Seng Indexes Co. said.
Standard Chartered Plc (2888) (2888 HK): The lender increased the one-month rate for large Hong Kong-dollar deposits by 15 basis points and for large U.S.-dollar deposits by 30 basis points, Ming Pao Daily reported, without saying where it got the information. The shares rose 2.1 percent to HK$194.50.
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