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| China Market Update Archive: |
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Stocks in HK, Shanghai Slide, Yearly Lows
Sep 05, 12:59 PM ET |
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| Asian currencies declined sharply in the week's trading with Korean Wong leading the decline with a loss of 2.7%. |
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| Stocks in Hong Kong and Shanghai fell sharply tracking losses in European and the U.S. markets. Benchmark indexe in Shanghai dropped 3% and for the year declined 58% and dropped 63% from its peak in October. Stock index in Hong Kong fell 2.2% and dropped 27% for the year so far and 35% from its peak in October last year. Property stocks declined after Goldman Sachs downgraded the sector. |
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Telecom, Shippers Fall in HK Trading
Sep 04, 7:54 PM ET |
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| China Cosco tumbled 6.2% to HK$12.40 and China Shipping Development fell 5.1%. |
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| Stocks in Shanghai and Hong Kong traded mixed. Telecom stocks declined. In Hong Kong trading Hang Seng Index fell 0.91% or 198.58 to 20,389.48 and in Shanghai trading CSI 300 Index rose 0.2% or 5.18 to 2,251.15. National Tourism Administration said China’s tourism revenue crossed Rmb1 trillion for the first time to reach Rmb1.09 trillion in 2007. Shipping lines dropped after the Baltic Dry Index slid 4.9% yesterday on speculation that demand for raw materials from China will fall. |
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Coca Cola Bids $2.5 B for Huiyuan Juice
Sep 03, 3:16 PM ET |
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| China Huiyuan Juice rose 164% to HK$10.94 on news of a $2.5 billion takeover by Coca-Cola. |
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| Coca-Cola Company agreed to acquire China Huiyuan Juice Group for HK$19.6 billion or $2.5 billion including convertible bonds and diluted shares. The agreement values the juice maker at HK12.20 a share, nearly three times is most recently traded price near HK$4.10 a share. The offer values the company at 17 times operating earnings of 2007. |
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China Merchants Gain; Airlines, Refiners Up
Sep 02, 4:01 PM ET |
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| A sharp 2-day drop in crude oil lifted stocks of airlines and refiners in the region. Oil price fell more than 10% in 2 days. |
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| Stocks in Hong Kong rose and in Shanghai fell as crude oil continued its slide for the second day in a row. Airlines and refineries rose and port operator China Merchants added 4.4%. China Merchants Holdings first half profit rose 42% to HK$2.02 billion and revenue rose 18% to HK$3.37 billion. The port operator with locations in Hong Kong and in China reported rising ocean traffic to Asia and to Europe. The company through several ventures control ports that handled 25.1 million containers. |
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HK Retail Sales Up, Chalco Earnings Fall
Sep 01, 5:16 PM ET |
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| Retail sales in July in Hong Kong rose 13.8% from a year ago to HK$24.2 billion on tourist spending and low unemployment. |
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| Hong Kong stocks fell led by technology companies after personal computer maker Dell fiscal second quarter profit slumped 17%. Aluminum Corporation of China Limited, the largest producer of aluminum said first-half revenues dropped 64.08% to Rmb3.5 billion. Net profit in the quarter declined 65.56% to Rmb2.4 billion or Rmb18 per share. |
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Earnings Dominate China, HK Trading
Aug 27, 6:15 PM ET |
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| China COSCO jumped 8% after interim profit increaesd Rmb15 billion and Jiangxi Copper soared 9.5% after first half profit rose 32%. |
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| Stocks in Hong Kong and in Shanghai edged higher after several leading companies reported better than expected earnings. China Life, China Mobile, China COSCO and Jiangxi Copper reported better than expected earnings. Coal companies also gained on news that China will strengthen its enforcement of price caps on thermal coal. China Shenhua surged 5.7% and China Coal edged up 6.3%. |
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Shanghai Falls 2.9%, Profit Growth Declines
Aug 26, 2:56 PM ET |
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| Profit growth at Shaghai listed companies declined to half in the first half of this year compared to a year ago in the same period. |
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| Stocks in Hong Kong edged lower but in Shanghai dropped 2.9% and dragged the CSI 300 index to a new low in the last fifteen months. Stocks struggled as companies battle a decline in revenue and earnings growth and tighter lending conditions. Chinalco received Australian government approval to increase its stake to 11% from 9%. |
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Hang Seng Recovers, Yanzhou Earnings Soar
Aug 25, 1:11 PM ET |
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| Stocks rebound in Hong Kong but in Shanghai edged a fraction higher. Earnings from Yanzhou Coal and China Construction surged. |
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| Stocks in Hong Kong surged 3.5% after investors raced to cover recent short sales. Profits from Yanzhou Coal and China Construction helped the sentiment in Hong Kong and in Shanghai. Market index in Shanghai edged up a fraction. China Construction profit soared 71% and net at Yanzhou Coal surged 160% on higher coal prices in export sales. Corporate income tax collection in Chia fell 4.2% in July. |
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Shanghai Fell 3.5%, Hong Kong Drops 2.6%
Aug 21, 3:26 PM ET |
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| Hutchison Whompoa earnings fell 63% and chairman Li Ka Shing comments dragged markets lowered. |
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| Hong Kong stock indexes fell on the comments made by chairman of Hutchinson Whampoa Li Ka Shing that it was unrealistic to expect the government to rescue the market. The Hong Kong billionaire and widely respected investor observed that in these difficult times it will not be prudent to pursue acquisitions. Rising crude oil prices also put renewed pressure on stocks and benchmark indexes in Hong Kong dropped 2.6% and in Shanghai fell 3.5%. |
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Stimulus Hopes Lifted China Indexes
Aug 20, 3:54 PM ET |
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| Bench mark indexes in Hong Kong and in Shanghai surged on the hopes of a stimulus package from China. |
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| China increased the prices paid to power plants by grid operators for the second time in two months. The 6% increase was lower than required to maintain profitability and power companies stocks fell. The largest grid operator State Grid Corp of China hopes that China will allow it to pass on the hike to customers to stem losses. Banks, insurance realty and energy companies in Hong Kong trading surged. |
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