Cnooc, Next Media, Shimao, Yuexiu: Hong Kong Equities 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.
Oil stocks: Crude for September delivery declined 5.8 percent to settle at $86.63 a barrel in New York yesterday amid growing evidence the U.S. economic recovery is stalling and sapping demand in the world’s biggest consumer.
Cnooc Ltd. (883) (883 HK), China’s biggest offshore oil producer, dropped 2.4 percent to HK$16.52. PetroChina Co. (857 HK), Asia’s largest company by market value, slid 1.3 percent to HK$10.70.
Cheung Kong (Holdings) Ltd. (1 HK): The Hong Kong developer controlled by billionaire Li Ka-shing said first-half profit almost tripled to HK$33.3 billion ($4.27 billion) from a year earlier. That missed the median HK$34.9 billion estimate of five analysts surveyed by Bloomberg News. Cheung Kong fell 0.1 percent to HK$119.60.
China Railway Construction Corp. (1186 HK): The builder of the nation’s rail link won 2.2 billion yuan ($342 million) of contracts to upgrade Georgia’s railway system, it said in a statement to the Shanghai Stock Exchange. The stock fell 1.5 percent to HK$4.49.
Citic Resources Holdings Ltd. (1205) (1205 HK): The provider of aluminum products said it expects its first-half profit to record a “significant” gain after sale prices increased. The stock declined 4.4 percent to HK$1.31.
Haitong International Securities Group Ltd. (665) (665 HK): The brokerage said first-half net income rose 23 percent to HK$107.6 million from a year earlier. The stock fell 1 percent to HK$4.03.
Hutchison Whampoa Ltd. (13) (13 HK): The developer controlled by billionaire Li Ka-shing said first-half profit increased to HK$46.3 billion from HK$6.3 billion a year earlier. This missed the HK$51 billion median estimate of five analysts’ estimates in a Bloomberg News survey. Hutchison declined 0.9 percent to HK$90.35.
Next Media Ltd. (282) (282 HK): The publisher of Apple Daily newspapers was fined HK$40,000 for online copyright infringement committed in 2008 and 2009, the Standard reported, citing court authorities. The stock fell 1 percent to HK$1.
Shimao Property Holdings Ltd. (813) (813 HK): The developer’s contracted sales rose 32 percent in the first seven months from a year earlier to 17.6 billion yuan, the developer said in an e- mailed statement. The stock dropped 1.6 percent to HK$10.06.
Yuexiu Property Co. (123 HK): The property developer said it expects first-half profit to record a “significant” increase from a year earlier. The stock was unchanged at HK$1.37.
To contact the editor responsible for this story: Nick Gentle at email@example.com.