Jun
26
The fall of offshore stocks
Filed Under Offshore, banking Tags: Offshore, offshore stocks —
The fall of Hong Kong stocks after the Federal Reserve keeps rate firm.
David Nepo’s report: -
- Hang Lung supplemented 0.2 percent to 25.3 HK dollars.
- Hong Kong’s local lender Hang Seng Bank outperformed the entire market by gaining 2.42 percent to 165 HK dollars.
- Conglomerate Hutchison enhances 1.77 percent to 77.8 HK dollars.
- Garment producer and exporter Esprit Holdings forced 4.07 percent to 82.5 HK dollars. Agency for retailers and brands Li & Fung dived 6.72 percent to 25 HK dollars.
China Enterprise Index, or H-shares, which was collected of 43 companies registered on the Chinese mainland, cut down to 100.27 points, or 0.82 percent, to close at 12,095.98.
Most Chinese banks and insurers listed in Hong Kong were lower. Heavily traded ICBC, China’s largest lender, lost 1.27 percent to 5.46 HK dollars. China Life, the country’s largest insurance company, dropped 1.06 percent to 28 HK dollars. Bank of China, the country’s second largest bank, dipped 0.28 percent to 3.51 HK dollars. China Construction Bank, the third largest bank in China, slid 0.93 percent to 6.37 HK dollars. Bank of Communications shed 0.87 percent to 9.11 HK dollars. China Merchants Bank slumped 2.2 percent to 24.45 HK dollars.
Hong Kong stocks were overturned early expansion and stirred into pessimistic territory with a loss of 0.79 percent on Thursday after when the U.S. Federal Reserve left interest rate unchanged and didn’t mention any expecting changes in the future.
The benchmark Hang Seng Index gone up to 107.38 points, or 0.47 percent, to open at 22,742.54 and once expanded the increase by 250.19points, or 1.1 percent, to the day’s uppermost 22,885.35 during the morning session.
Momentum of the market curved approximately in the afternoon as investors sold blue-chip companies such as China Mobile, Peotro China and Esprit, dragging down the index by 179.49 points, or 0.79 percent, at closure rate of 22,455.67, barely off the intra-day low 22, 441.47.
Turnover was enhanced to 59.46 billion HK dollars (7.62 billion U.S. dollars) from Wednesday’s 37.90 billion HK dollars (4.86 billion U. S. dollars) in shortened trading due to tropic storm Fengshen, which decrepit Hong Kong on Wednesday morning.
Blue-chip strengthens HSBC, whose accounts for the largest weighting of the Hang Seng Index remain unaffected with 124 HK dollars.
Heavily dealt with China Mobile, the largest mobile phone operator in the country and the market’s largest stock measured by capitalization was gone down 1.21 percent to 106.2 HK dollars, down warding the index by 33.6 points alone.
Energy companies was cut down as well as oil prices eased at around 134 U.S. dollars a barrel in Asia trade. PetroChina, the country’s largest oil producer, was gone to 10.34 percent from 1.34 HK dollars, pulling down the index by 12.7 points. Sinopec, Asia’s largest refiner, curved in 0.52 percent to 7.59 HK dollars. China’s largest offshore oil producer CNOOC knock down 1.94 percent to 13.18 HK dollars, dragging the index by 19.97 points alone.
Most of Hong Kong’s property companies were knocks down after the U.S. Federal Reserve held its interest rate steady. Sun Hung Kai Properties, the largest house developer in Hong Kong, lean-to 1.34 percent to 110.8 HK dollars. Cheung Kong, one of the biggest housing companies proscribed by tycoon Li Ka-shing, lost 1.08 percent to 110.4 HK dollars. New World Development flaccid 1.58 percent to 16.22 HK dollars. Henderson Land fell 1.28 percent to 50.35 HK dollars. Sino Land dipped 0.13 percent to 15.6 HK dollars.
Last Updated: 26/6/2008 17:15:00 HKT
Top 20 Stock data
Stock Code Stock Name Nominal
Price($) Change Change(%) Turnover
(’000) Volume
(’000) Related Information
8292 HC INTL 0.7 0.2 40.00 235 382
1192 TITAN PETROCHEM 0.385 0.09 30.51 69,802 189,690
181 FUJIAN HOLDINGS 0.71 0.15 26.79 1,793 2,740
8196 LAUNCH TECH 0.73 0.15 25.86 2,808 4,065
8136 RICHFIELD GROUP 0.082 0.011 15.49 1,977 25,972
639 FUSHAN ENERGY 6.07 0.8 15.18 183,018 31,546
2340 SYNERGIS HOLD 1.49 0.19 14.62 19,319 13,224
938 MAN SANG INT’L 0.84 0.1 13.51 5,071 6,159
526 MAGICIAN IND 0.44 0.05 12.82 105 244
2327 JIWA BIO-PHARM 0.195 0.022 12.72 2,385 12,864
556 PAN ASIA ENVIRO 2.75 0.3 12.24 680 264
8227 HAITIAN ANTENNA 0.28 0.03 12.00 2 8
8221 LEE’S PHARM 0.48 0.05 11.63 14 30
40 GOLD PEAK 1.22 0.12 10.91 59 53
818 HI SUN TECH 1.35 0.13 10.66 6,089 4,569
439 CLIMAX INT’L 0.204 0.019 10.27 235 1,144
979 GREEN ENERGY GP 1.1 0.1 10.00 598 566
3899 ENRIC HOLDINGS 5.5 0.5 10.00 372 74
8151 ESSEX BIO-TECH 0.219 0.019 9.50 66 300
2379 ZHONGTIAN INT’L 0.29 0.025 9.43 5 16
