Market Open:Hong Kong stocks seen to open higher on A share optimism
Hong Kong stocks are expected to open higher on Monday, rising on the coat-tails of the A shares, which are forecast to gain on speculation that Chinese regulators will act to "save" the onshore market after a week-long
Hong Kong stocks are expected to open higher on Monday, rising on the coat-tails of the A shares, which are forecast to rise on speculation that Chinese regulators will act to "save" the onshore market after a week-long holiday.
"Most traders are preparing for a rise in the A shares this week, as what you have seen recently is that regulators are likely to introduce targeted, efficient policies to shore up A shares after the (Golden Week) holiday," said Linus Yip, strategist at First Shanghai Securities.
China Securities Regulatory Commission are speeding up approval of the qualification of Qualified Foreign Institutional Investor (QFII) to lure more capital inflows, after meeting with more than 250 foreign institutional investors whose total assets under management are more than 25 trillion yuan, the China Securities Journal reported on Monday.
On Friday, the Standard & Poor's 500-stock index closed down 0.47 points, or 0.03 per cent, to close at 1,460.93. The Nasdaq Composite lost 13.27 points, or 0.42 per cent, to 3,136.19. In London, the FTSE-100 Index gained 43.24 points, or 0.74 per cent, to end at 5,871.02.
Hot Stocks of the Day:
Air China (0753.HK), China Eastern Airlines (0670.HK), China Southern Airlines (1055.HK)
The country's 119 major scenic spots received a total of 34.25 million visitors during the eight-day holiday, up 20.96 per cent from the corresponding period last year, National Tourism Administration statistics showed Sunday. According to statistics from the Ministry of Transport, the number of air travelers hit 7.61 million during the "Golden Week" between September 29 and October 6.
Great Eagle (0041.HK)
The owner of Langham Hotels said it plans to buy a hotel on one of the world's most expensive shopping streets for US$229 million. The 214-key, 60-storey hotel on Manhattan's Fifth Avenue is just three blocks away from the Empire State Building.
Next Media (0282.HK)
The stock was suspended from trading on Friday, after surging 20 per cent on the reports that Taiwan's Fubon Financial Group is interested in the print business owned by Jimmy Lai Chi-ying. It said later it is still in preliminary discussions with potential buyers and no agreement has been reached. It will resume trading on Monday.
Fantasia Holdings Group (1777.HK)
The Chinese developer said its Jan-Sept contracted sales totalled 5.43 billion yuan, down less than 1 per cent from a year earlier and it has achieved 75 per cent of its 2012 sales target as of the end of September.
Sandmartin International Holdings (0482.HK)
The satellite TV producer said it is currently in preliminary negotiations with independent third parties regarding a possible acquisition. No agreement has been reached. It will resume trading on Monday.