| Hong kong Market Update Archive: |
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Shanghai Surges 9%, PetroChina Up 10%
Apr 24, 4:30 PM EDT |
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| Stocks in Shanghai and Hong Kong surged after China lowered stamp duty on trading. Property prices are expected to rise in the second quarter. |
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| China, in a move to improve sagging sentiment among investors lowered its stamp duty tax on trading to 0.1% from 0.3%. Stock averages in China surged 9% on the move but stocks may sag again on rising inflation and growing disillusion among investors. Major indexes in China have lost at least 30% before gains of today. In Hong Kong stocks edged higher as well. Property prices are expected to rise in the second quarter as investors shift their focus away from stocks. |
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Stocks in HK and Shanghai Rebound
Apr 22, 11:52 AM EDT |
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| Stocks in China region rose on the speculation that the government will take additional steps to reimburse losses at oil refining companies. |
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| Hong Kong stock indexes advanced after a surge in afternoon trading on rising speculation that Beijing will take additional steps to protect oil companies from rising crude oil prices. In Shanghai trading CSI 300 Index rose 0.9% to 3,296.28 and in Hong Kong trading Hang Seng added the same to 24,939. PetroChina advanced 6.5% and Sinopec increased 5.1%. |
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Ping An, Refiners Lift HK Stocks
Apr 21, 4:38 PM EDT |
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| Talks of China reimbursing oil refiners to fund curent losses lifted select oil stocks. Ping An rose on private placement with banks. |
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| Ping An is reported to have scrapped its plan to sell stock in public offering and instead sell them a private placement through banks. Ping An rose 5%. Sinopec estimated first quarter profit is likely to fall 50% from a year ago on rising crude oil cost. Separately, China is expected to reimburse refiners taxes on crude oil import and significant losses from the price ceiling. Chinese refiners are required to sell petrol at a price fixed by the government. In addition COSCO jumped 7%. |
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Shanghai Falls Again, HK Recovers
Apr 18, 5:13 PM EDT |
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| China Mobile rose 1.9% ahead of its earnings but PetroChina fell below its recently listed Shanghia IPO price. |
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| February exports rose 5.5% on rising exports to mainland China and Germany. Petro China fell below its offer price in Shanghai on the worries that refining margins will hurt earnings. In Hong Kong trading the benchmark Hang Seng Index declined 0.3% to 24,197.78, down 1.91% for the week, and the China Enterprises Index of H-shares, fell 1.7% to 12,675.43, declining 5.10% for the week. In Shanghai trading, CSI 300 Index dropped 3.4% to 3,272.50. |
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Shanghai Fell 3%, Hong Kong Up 1.6%
Apr 17, 10:16 AM EDT |
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| Peoples Bank of China raised its reserve requirements for commercial banks to 16% to prevent economy from overheating. PoB may take additional steps. |
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| China increased its reserve ratio requirements for banks to 16% and may increase again if economy does not slow down. Economists are expecting central bank to authorize additional tightening measures after a surge in inflation and rapid rise in property prices and food and energy costs. In Hong Kong trading, Hang Seng rose 1.6% to 24,258 but in Shanghai CSI 300 index fell 3% to 3,386. China reported a total international investment of $92 billion at the end of 2007. |
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Stocks in China Region Fall
Apr 16, 2:13 PM EDT |
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| Stocks in Hong Kong and China fell after the release of first quarter inflation and growth data. PICC stock fell 12% on weak earnings. |
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| GDP in the first quarter in China dipped to 10.6% from 11.7% a year ago, industrial production rose 16.4% and inflation to 8%. Food prices in the quarter surged 21% on tough weather conditions and rising fuel prices in the international markets. Retail prices in the quarter rose 7.4% and producer prices increased 6.9%. The news sent stocks lower in China and Hong Kong on the worries that the government will take measures to tighten the economy further. |
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Resource Stocks Rise, Higher Metals Prices
Apr 15, 10:29 AM EDT |
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| Resource stocks in Hong Kong and Shanghai trading gained lifting market averages. |
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| Record prices in metals and crude oil lifted select stocks and brader market averages but inflation fears persisted in the market. In Hong Kong trading, Hang Seng Index rose 0.40% or 90 to 23,901.33. In Shanghai trading, CSI 300 Index rose 1.3% or 46 to 3,583.30. China expects steel demand to rise 10% to 520 million tons and domestic suppliers are expected to meet almost all the demand. Dubai based fund expects to set up a fund to invest $1 billion in China. |
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China Forex Reserve and Inflation Up
Apr 14, 4:13 PM EDT |
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| China reported foreign exchange reserve at the end of first quarter jumped 40% to $1.7 trillion from a year ago. Inflation remains high. |
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| China''s foreign currency reserves jumped to $1.68 trillion at the end of the first quarter, 40% rise from a year ago. The sharp rise in foreign reserves is fueling inflation and attracting speculative capital to China. Investors have to come to believe that China will have to strengthen its currency against dollar and increase interest rate to slow down economic expansion. In Hong Kong trading the Hang Seng Index fell 3.47% or 856.59 at 23,811.20. |
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ICBC Earnings Oulook Lift Financials
Apr 10, 5:00 PM EDT |
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| TPV Technology rose 5% after it reported 19% rise in earnings. Renminbi fell below 7 for the first time in since 2005. |
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| ICBC estimated earnings gain for the first quarter of this year to rise at least 50%, lifting stocks in the financial sector. China Construction Bank gained 4% ahead of its earnings tomorrow. Higher crude prices crimped margins at refiners, dragging the sector lower. China statics agency revised higher its estimate for economic growth in 2006 and 2007. |
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Shanghai Plunges 5%, HK Stocks Down 1.4%
Apr 09, 3:42 PM EDT |
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| Stocks in Hong Kong and Shanghai declined on rising inflation and worries related to earnings. |
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| China reported a decline in consumer confidence in the first quarter on rising food and energy prices. However, real estate sales continue to surge in March after falling for two months in a row. Stocks in Shanghai plunged 5% as investors worried that earnings in the first quarter will be lower than expected. Hang Seng index fell 1.4% but recovered from larger losses on rising energy and commodities stocks. |
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