| Hong kong Market Update Archive: |
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Falling Crude Dampens HK Stocks
May 28, 4:34 PM EDT |
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| The Hang Seng Index fell 0.13% or 32.53 to 24,249.51, and the China Enterprises Index of Hong Kong-listed mainland companies rose 0.34% to 13,374.74. |
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| In Shanghai trading CSI 300 Index rose 2.80% or 100.03 at 3, 676.23. Daily turnover on main-board was HK$60.21 billion compared with HK$54.49 billion yesterday. Wing Lung Bank lost 3.5% to HK$144.40, the most in two months. The former vice chairman of the Standing Committee of the National Peoples Congress Cheng Siwei said at a three-day forum on economic globalization in Shanghai today that China economy can maintain a steady growth above 8% for a relatively long period. |
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Deals, Oil Prices Lead Gains in HK
May 27, 9:02 AM EDT |
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| Civil Aviation Department of HK Special Administrative region has approved 13 airlines to either keep or adjust their passenger fuel surcharges. |
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| In Hong Kong trading the Hang Seng index rose 0.64% or 154.73 at 24,282.04, and the China Enterprises Index of Hong Kong-listed mainland companies, or H shares, increased 0.82% or 108.80 to 13,330.08. In Shanghai trading CSI 300 Index rose 0.48% or 16.98 at 3,576.20. Daily turnover on main-board was HK$54.49 billion compared with HK$76.7 billion yesterday. |
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HK Stocks Drop 2.3%, China Mobile Tumbles
May 26, 10:10 AM EDT |
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| China Mobile Ltd., which serves two-thirds of the nation's cellphone market, dropped 7.5% to HK$115.70. |
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| Hong Kong shares finished the morning trading session lower, dragged down by the index heavyweight China Mobile. Investors were reluctant to buy as they were worried that increasing fuel costs could accelerate inflation, slow economic expansion and cut profit growth. The Hang Seng index lost 424.32 points or 1.7% to end the session at 24,289.75. China''s largest offshore oil producer CNOOC lost 2.6% to HK$14.38. Air China, the nation''s largest international carrier, slid 1% to HK$5.36. |
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Telecom Stocks in HK Rally
May 23, 7:14 PM EDT |
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| Chinese stocks in Hong Kong and in Shanghai fell as oil continued to rise in the week. The record oil price is likely to generate losses at refiners. |
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| Hong Kong continue to trade in a tight range. For the week stocks fell 3.5% as oil surged nearly 10%. Stocks in Shanghai fell 1% in Fridays trading. Talks of telecom deregulaton intensified and several telecom stocks in Hong Kong trading were suspended ahead of annoucements. China Mobile fell but China Unicom, China Netcom and China Telecom surged before the suspension. |
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China HK Trade UP 9.3%
May 22, 8:07 PM EDT |
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| Trade between Hong and China rose in the first four months. Stocks in Shanghai and Hong Kong fell on rising crude oil prices. |
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| Stocks in Shanghai and Hong Kong fell as crude oil continued to rise. The rise in energy prices fueled inflation fears. China also denied that it will deregulate petrol and oil prices. The denial prompted a sell-off in the oil refiners. Hang Seng index fell 1.6% to 25,043 and CSI 300 index in Shanghai declined 1.9% to 3,711. Trade between Hong Kong and mainland China increased 9% to $63 billion in the first four months of 2008, fueling the economic expansion in China. |
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Energy Stocks Lead in HK, Shanghai
May 21, 5:12 PM EDT |
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| Less than 5% of insurance claims are recoverable in the recent Sichuan earthquake. |
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| Hong Kong stock indexes gained on the heightened speculation that China will soon allow prices for oil products to increase. Traders speculated that Beijing will increase subsidies for oil refiners to cushion them from mounting losses on higher feedstock costs. In Hong Kong trading Hang Seng Index rose 1.16% or 290.83. Renminbi advanced to a level of 6.96 to one U.S. dollar. |
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Coal, Metals Rise in China
May 19, 3:35 PM EDT |
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| China Coal surged after broker Goldman Sachs put the stock on its buy list. CNOOC and other oil companies edged higher. |
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| Chinese coal and other mining companies rose as crude oil price rise lifted spot prices of coal and metals. The earthquake damage and three month old snow storms have put the food and energy supply at a risk in the mainland China. Vegetables, fruits and other food priced have surged and now metal and crude oil prices are rising rapidly. CSI 300 index in Shanghai trading fell 0.6% but Hang Seng index rose 0.5%. |
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Chinese Properties Prices Rise
May 16, 7:30 PM EDT |
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| China continues its infrastructrure building at a rapid pace. The rate of building matched the rate of 25% achieved in 2007. New property prices rise. |
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| The government agency in China reported urban property prices rose 10.1% in April from a year ago and prices of new building rose 11.4% in the month. The property investment surged nearly 25% in the first four months of the year matching the rate in 2007. Shipping and container companies surged after 4% rise in Baltic Dry Index that tracks ocean freights in the world. |
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inflation Worries Drag China Stocks
May 15, 7:36 PM EDT |
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| Hang Seng index fell 0.08% or 19.77 to 25,513 and CSI 300 index in Shanghai dropped 0.7% to 3,948.10. |
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| Stocks in Shanghai and Hong Kong fell on the continued worries related to elevated inflation in the region. However, China reported that non-performing loans fell to 5.8% of all assets, lower than 6.2% at the end of the last year. Fixed asset investment increased 26% in the first four months compared to a year ago period. Separately, software services outsourcing from China rose to $10 billion in 2007. |
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Wholesal Inflation, Industrial Production Rise
May 14, 4:23 PM EDT |
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| Oil refiners fell as invesors worried that the companies may not get crude oil supply after the recent earthquake. |
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| China reported a raft of economic data suggesting that the economy continues to grow at a rapid clip. April industrial output rose at 15.7% and international trade rose at 24% in the first four months of the year. Despite a rise in wholesale inflation at 10.3%, retail sales surged at 22% in April from a year ago. However a sharp rise in food and energy costs is hobbling the consumer. In stock trading, Hong Kong Exchanges & Clearing fell after it reported earnings rise of 79%. |
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