Market Open: Hang Seng seen to open lower on property curb fears
http://www.scmp.com/business/money/stock-talk/article/1085901/market-open-hang-seng-seen-open-lower-property-curb-fears
- Mon
- Nov 19, 2012
- Updated: 10:32am
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Monday, 19 November, 2012, 8:09am
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The
Hang Seng index was expected to be hit on Monday morning on speculation
the government may not relax controls on the mainland property market –
as official data on Sunday showed home prices rose in more mainland
cities in October.
Yet sentiment could be boosted by outgoing Premier Wen Jiaobao, who said China’s economy would maintain a high level of growth for a long period.
Overnight, the Standard & Poor's 500-stock index closed up 6.55 points, or 0.48 percent, to close at 1,359.88. The Nasdaq Composite gained 16.19 points, or 0.57 per cent, to finish at 2,853.13. In London, the FTSE-100 Index lost 72.16 points, or 1.27 per cent, to finish at 5,605.59.
Prices climbed in 35 of the 70 cities the government tracks, compared with 31 in September, according to data released by the Statistics Bureau on Monday. Prices fell in 17 cities, the data showed.
Xiwang Sugar Holdings (2088.HK)
The sugar maker shifted from its major business to property development through buying a property firm for 308 million yuan, after its profit margin in sugar production "substantially decreased".
Next Media (0282.HK)
The media firm controlled by billionare Jimmy Lai said its deal to sell its entire Taiwan business would be delayed after Taiwan authorities barred one of its buyers from proceeding with the deal. Jeffrey Koo Jr, the eldest son of banking mogul and Chinatrust Financial Holding chairman Jeffrey Koo Len- song, is being probed by the local government for holding more than 20 per cent of the operation.
Ping An (2318.HK)
HSBC plans to sell its entire 15.6 per cent stake in the insurer's H shares, the Chinese-language Hong Kong Economic Journal reported Monday, citing unnamed sources.
Yet sentiment could be boosted by outgoing Premier Wen Jiaobao, who said China’s economy would maintain a high level of growth for a long period.
Overnight, the Standard & Poor's 500-stock index closed up 6.55 points, or 0.48 percent, to close at 1,359.88. The Nasdaq Composite gained 16.19 points, or 0.57 per cent, to finish at 2,853.13. In London, the FTSE-100 Index lost 72.16 points, or 1.27 per cent, to finish at 5,605.59.
Hot Stocks of the Day:
China Overseas (0688.HK)Prices climbed in 35 of the 70 cities the government tracks, compared with 31 in September, according to data released by the Statistics Bureau on Monday. Prices fell in 17 cities, the data showed.
Xiwang Sugar Holdings (2088.HK)
The sugar maker shifted from its major business to property development through buying a property firm for 308 million yuan, after its profit margin in sugar production "substantially decreased".
Next Media (0282.HK)
The media firm controlled by billionare Jimmy Lai said its deal to sell its entire Taiwan business would be delayed after Taiwan authorities barred one of its buyers from proceeding with the deal. Jeffrey Koo Jr, the eldest son of banking mogul and Chinatrust Financial Holding chairman Jeffrey Koo Len- song, is being probed by the local government for holding more than 20 per cent of the operation.
Ping An (2318.HK)
HSBC plans to sell its entire 15.6 per cent stake in the insurer's H shares, the Chinese-language Hong Kong Economic Journal reported Monday, citing unnamed sources.
