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| Hong kong Market Update Archive: |
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Commodities Drag China Stocks Lower
Aug 07, 5:00 PM ET |
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| Commodities, shipping and air lines dropped as manufacturing comes to a halt near Beijing. Financials traded mixed. |
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| Stocks Hong Kong edged higher but in Shanghai fell a fraction. Financial stocks were mixed after a sharp loss at AIG but better than expected earnings at Standard & Chartered. Airlines, commodities and shipping lines fell. Shipping lines fell after Baltic Dry Index fell for the fourth week in a row. China Cosco, CSCL and CSD dropped nearly 6%. |
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Shanghai Stocks Up on Lower Oil
Aug 06, 3:23 PM ET |
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| Stocks in Shanghai rose after a drop in crude oil prices for the third day in a row. Refiners, chemical companies and airlines rose. |
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| Stocks in Shanghai gained as crude oil prices fell. Hong Kong markets were closed on impending tropical storm. China increased its loan quotas for regional banks for small and medium companies after the credit markets tightening affected lending to the sector. Oil refiners, airlines and chemical companies rose after the recent drop in crude oil future prices. Commodity stocks fell after gold prices plummeted 2.4% to $886.10 an ounce. Zjin Mining Group Co. fell 2.7%. |
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HK, Shanghai Index Down 2.5%
Aug 05, 4:24 PM ET |
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| Rongsheng Shipbuilding received $1.6 billion contract to build 12 iron ore ships from the largest iron ore miner Vale based in Brazil. |
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| Stocks in Shanghai and in Hong Kong fell sharply on the weakness in financial stocks and export worries to the U.S., the largest market for Chinese products. The benchmark indexes fell 2.5% in Hong Kong and Shanghai. Weak results from banks dragged financial stocks lower. Export Import Bank of China reported that non-performing loan ratio declined to 1.8% from 2.4%. Bank of East Asia interim profit declined 52% on losses related to credit markets. |
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China Stocks Weak, HSBC Earnings Drop 29%
Aug 04, 4:07 PM ET |
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| HSBC first half earnings fell 29% after it increased its loan loss provision charges by 58%. |
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| Stocks in Shanghai and Hon Kong fell sharply after the global markets worried persisted in trading. Benchmark indexes in Hong fell 1.5% and in Shanghai dropped 2.4%. Service industry index rose 1.2% in July on rising construction activities ahead of the Olympic Games in Beijing. HSBC operating revenue fell 2% and earnings in the first half dropped 29% on 58% rise in loan loss provision in the period. Stocks of shipping lines and steel makers fell on the expectations of weak demand. |
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Jintao Commets Lift China Stocks
Aug 01, 3:44 PM ET |
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| Esprit Holdings fell nearly 3% after sales in Germany fell. Shaghai Electric declined 4% on weak operating margin estimate. |
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| Positive comments from the President Jintao lifted stock market averages in Hong Kong and Shanghai. His comments appeared pro growth, lifting stocks in the banking and industrial sectors. China reported urban unemployment dropped in the first half to 4%. Hong Kong in the first fiscal quarter ending in June reported a deficit of HK$16.5 billion and in June of HK$10.8 billion. |
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OCCL Drops, China Stocks Weak
Jul 31, 10:54 PM ET |
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| China Distance Education Holdings raise $61.25 million after it lists ADR on the NYSEArca system. |
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| Stocks in Hong Kong and Shanghai traded weak as financials and export sensitive sectors declined. OCCL, a container company stock fell 11% after it reported first half revenue rose 27.4% and profit plunged nearly 95%. The previous year period included one-time gain from a sale of terminal division, excluding the gains, earnings in the period dropped 30% before tax. |
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China Stocks Fall, China Coal Earnings Rises
Jul 29, 3:51 PM ET |
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| Yuan rose against dollar. China South Locomotive & Rolling Stock began its initial public offering in Shanghai. |
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| Stocks in Hong Kong and Shanghai fell as investors worried that U.S. credit market crisis may last longer than estimated. A surprise write down at Merrill Lynch and a gloomy outlook from IMF dragged financials and bench mark indexes lower. In earnings, China Coal Energy reported 59% rise in first half profit on 33% rise in coal prices and 15% rise in production volume. Separately, Yunnan Aluminium net income fell 44% on higher raw materials costs. |
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Banks Fall in HK, Miners Rise in Shanghai
Jul 28, 4:58 PM ET |
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| In the third quarter, economists estimate economic growth in China of 10% and consumer price index gain of 6%. |
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| Stocks in Hong Kong trading fell but in Shanghai rose. Banks and telecom services companies declined in Hong Kong led by a decline in HSBC and China Mobile. Shipping companies, China Cosco, Pacific Basin and China Shipping Container Lines fell on weak global outlook. China trade with Asean member nations increased 27% in the first five months of the year. |
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China’s Economic Growth to Ease to 9.9% in 2008
Jul 23, 12:16 AM ET |
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| Stocks in Hong Kong traded in positive territory after a drop in oil prices had a positive impact on airlines and oil refiners. |
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| The Asia Development Bank reported on its web site that China’s economic growth is forecast to ease to 9.9% this year and 9.7% next year due to the global economic slowdown, rising food and energy prices as well as the volatile financial markets. |
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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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