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| Hong kong Market Update Archive: |
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Subdued Stocks in China Region
Jul 22, 7:11 PM ET |
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| Bank asset held in the domestic and international currencie rose 19% to 57.7 trillion yuan in June. |
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| Stocks in Hong Kong and China edhed lower as cautious investors stayed on the sidelines. Oil prices traded at elevated level as a storm in Gulf of Mexico headed in the direction of oil installations. In the first half ending in June, China tax revenues tose 30.5% to 3.3 trillion yuans on rising corporate profits. Home prices in seventy largest citie rose 8.2% in June from a year ago but declined 1% from May. |
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Financials Rally on Bank Earnings
Jul 21, 6:12 PM ET |
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| Financial stocks in Shanghai and HK closed higher on optimistic outlook after better than expected earnings at Citigroup. |
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| Stocks in Hong Kong and Shanghai rallied after three of the five leading banks in the U.S. reported better than expected earnings. Benchmark indexes rose 3% in Shanghai and Hong Kong after media speculation that China Investment Corp may inject capital in HSBC. Four leading brokerage houses reported a surge in profit at the end of the first half according to industry reports. HSBC, ICBC, Bank of Communications and Bank of China closed higher. |
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Drop in Oil, Shanghai Surges 3.6%
Jul 18, 6:40 PM ET |
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| Auto sector stocks continue to fall as inventories of unsold vehicles rise at the end of the firrst half. |
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| A drop in oil prices lifted stocks in Shanghai and in Hong Kong. Airlines and realty stocks closed higher. Yuan continue to surge and for the week gained 0.25% to 6.82 to a dollar. For the year yuan has gained 7% and likely to gain at least 1% more in the rest of the year. China yesterday reported gross domestic product surged 10.1% in the second quarter ending in June. |
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Shanghai Drops 4%
Jul 16, 5:12 PM EDT |
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| Shanghai stocks continued to decline as investors fear rising inflation and smaller rise in real estate prices will hurt profits. |
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| Stocks in Shanghai fell sharply but in Hong Kong edge higher. Huaxin Cement reported first sales rise of 31% to 2.7 billion yuan and net income increased 74% to 191 million yuan or 0.50 yuan per share. Shanghai Electric Power probably lost money in the first half after record coal prices. Huaneng Power also estimated loss in the first quarter. Casino stocks Melco Entertainment and Galaxy Entertainment fell 6% on tighter travel restrictions for mainland visitors. |
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Stocks in HK, Shanghai Down 4%; Reserves Up
Jul 15, 5:54 PM EDT |
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| The People's Bank of China said foreign exchange reserve rose 36% from a year ago to $1.8 trillion at the end of June. |
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| Stocks in China fell with a decline in regional markets, tracking losses in the U.S. and Europe. Benchmark indexes in Hong Kong and Shanghai fell 3.8% and 4.2% respectively. Chinese smelters of lead and zinc will lower production by 10% between July and September. China hopes to lift metal prices with lower supply and also divert electricity to support the Olympic Games. Foreign exchange reserve rose to $1.8 trillion at the end of June, 36% rise from a year ago. |
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HK Stocks Recover
Jul 09, 1:26 PM EDT |
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| Financial stocks rose after Fed Reserve Chairman said the bank signed an understanding with SEC to strengthen the surveillance of investment banks. |
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| Airlines also increased on easing crude oil prices. However, gains were trimmed after oil prices increased in the afternoon trade as Iran test-fired missiles. Cathay Pacific rose 4.9%, Air China spiked 5.4% and China Southern Airlines climbed 5.9%. The National Bureau of Statistics said China’s consumer price index declined 0.7 percentage points sequentially to 94.1 in the second quarter. The index also fell 2.7 percentage points from the comparable quarter a year ago. |
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HK Stocks Fall on Renewed Economy Concerns
Jul 08, 2:34 PM EDT |
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| Hong Kong shares slid 3.2%, with all stocks in the main index recording losses on worries of more losses at US financials. |
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| Hong Kong''s stock market plummeted as U.S. credit concerns and regional declines affected investor sentiment. Most Asian markets also lost ground Tuesday. Aluminum Corp. lost 5.6% on reports that it may see lower output at two of its mainland plants. China Petroleum & Chemical Corp. fell 2.7% despite lower crude prices, while CNOOC lost 3.4%. In export-related stocks, Foxconn International, handset manufacture, was downgraded and shed 10.3%. |
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Bearish Sentiment Persists in HK
Jul 03, 11:03 PM EDT |
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| Stocks in Shanghai and Hong Kong continue to struggle as bearish sentiment extends in the ninth month. Refiners and oil companies decline. |
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| Hong Kong market averages declined for the fourth day in a row led by weak financial stocks on fears of widening credit market losses. Hang Seng reached its peak in November of 31,638.22 and since then has steadily declined in the last seven months of trading but the index is still trading above August low of 20,387.13. |
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Hong Kong Stocks Fall 1.8%, Ping An Down 10%
Jul 02, 7:59 PM EDT |
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| Stocks in Hong Kong fell on earnings warning from Cathay Pacific. In Shanghai trading, Ping An Insurance dropped 10% on market rumors. |
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| Ping An Insurance fell daily limit of 10% after talks of potential loss of 12 billion yuan at one of the funds managed by the company sparked sell-off and dragged China Life down 5%. Stocks in Shanghai were unchaged but hovered near 49% loss for the year as investors shied away from the market. Hong Kong stocks fell 1.8% after Cathay Pacific suggested that first half profit will be lower than market estimate. |
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Shanghai Drops 3%
Jul 01, 6:08 PM EDT |
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| Stocks in Shanghai fall after sharp losses in bank, telecom and oil refiners. Hong Kong markets were closed. |
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| Shanghai Composite Index fell 3% as investors specluate rising interest rates in China and possible slowdown in the economy. Hong Kong stock market were close to celebrate the handover of the island from Britain. Banks and oil refiners led the decline in trading in Shanghai. Chinese foreign exchange reserve rose 18% from a year ago in the first five months to $1.8 trillion at the end of May. The steady rise in foreign exchange has contributed to the elevated inflation. |
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