Market Open:Hong Kong stocks seen flat; retail stocks in focus
Hong Kong stocks may open flat on Thursday, pressed by energy and retail players, as crude prices may extend declines on high US crude output and spiralling worries that fewer Chinese shoppers are visiting the city
Hong Kong stocks may open flat on Thursday, pressed by energy and retail players, as crude prices may extend declines on high US crude output and spiralling worries that fewer Chinese shoppers are visiting the city during the golden week holidays.
Hong Kong is due to report retail figures for August after market close on Thursday, and preliminary evidence points to a decline in mainland custom. Major jewellery stocks and other retailers fell on Wednesday, after Government figures showed the number of mainland arrivals to Hong Kong was 125,000 on the first day of Golden Week, down 6 per cent from 133,000 last year.
Overnight, the Standard & Poor's 500-stock index closed up 5.24 points, or 0.36 per cent, to close at 1,450.99. The Nasdaq Composite added 15.19 points, or 0.49 per cent, to 3,135.23. In London, the FTSE-100 Index gained 16.36 points, or 0.28 per cent, to end at 5,825.81.
Hot Stocks of the Day:
PetroChina (0857.HK), CNOOC (0883.HK), Sinopec (0386.HK)
The US crude output climbed to the highest level in more than 15 years, the US government reported Wednesday. Brent November crude futures lost US$3.40 to settle at $108.17 a barrel. US November crude shed US$3.75 to settle at US$88.14 a barrel on Wednesday.
China Leason CBM & Shale Gas Group (8270.HK)
The unconventional energy developer said it recorded a net interim loss of around 44.35 million yuan, compared with a loss of 9.35 million yuan a year earlier, partly due to decline in turnover of liquefied coalbed gas business.
The media company said chief financial officer Sin Hendrick has resigned with effect from Wednesday, to assume his responsibilities as a director and vice chairman of China Mobile Games and Entertainment Group, a VODone subsidiary.
SASA International (0178.HK)
Simon Kwok Siu-ming, chairman of Sa Sa International, said on Wednesday that sales figures for the first few days of Golden Week will show double-digit year-on-year growth.
Wasion Group (3393.HK)
The Company said it has won contracts with an accumulated value of approximately 930.36 million yuan in the State Grid’s centralized bidding in 2012.