| China Market Update Archive: |
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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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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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