Stock Talk
PUBLISHED : Wednesday, 10 October, 2012, 8:04am
UPDATED : Wednesday, 10 October, 2012, 8:36am

Market Open:Hong Kong stocks seen higher as Huijin continues purchasing stake

Hong Kong stocks are expected to open higher, boosted by financial players as China's state-run investment arm increases its holdings in Chinese banks to shore up investor confidence in the onshore market.

 

Hong Kong stocks are expected to open higher, boosted by financial players as China's state-run investment arm increases its holdings in Chinese banks to shore up investor confidence in the onshore market.

Yet gains could be capped by growing concerns over the slowdown of the Chinese economy after the World Bank and the International Monetary Fund both cut their forecasts for the world's second largest economy.

Overnight, the Standard & Poor's 500-stock index closed down 14.4 points, or 0.99 per cent, to close at 1,441.48. The Nasdaq Composite lost 47.33 points, or 1.52 per cent, to 3,065.02. In London, the FTSE-100 Index gained 31.49 points, or 0.54 per cent, to end at 5,810.25.

Hot Stocks of the Day:

Mainland banks
State-run Central Huijin, an investment agency of the central government, raised its stakes in mainland banks, including Industrial and Commercial Bank of China (1398.HK) and Bank of China (3988.HK), in the third quarter.

Lifestyle International Holdings (1212.HK)
The Sogo department store operator is planning to spin off its property investment and development business.

Shimao Property Holdings (0813.HK)
The Chinese property developer said sales totalled 35.7 billion yuan in the nine months to September, surpassing its annual target by 16 per cent.

Yuexiu Property (0123.HK)
The Guangzhou-based developer said it achieved sales of 11 billion yuan from January to September, topping its 10 billion yuan target.

Chongqing Iron & Steel Company (1053.HK)
The steel maker said output of iron and steel product amounted to 302,300 tonnes in Steptember, down 25.22 per cent from a year earlier. Jan-Sept output totalled 3.62 million tonnes, down 12.7 per cent year-on-year. 

Share

 

Send to a friend

To forward this article using your default email client (e.g. Outlook), click here.

Enter multiple addresses separated by commas(,)

For unlimited access to:

SCMP.com SCMP Tablet Edition SCMP Mobile Edition 10-year news archive