• Tue
  • Oct 21, 2014
  • Updated: 11:43am
Stock Talk
PUBLISHED : Wednesday, 31 October, 2012, 8:23am
UPDATED : Wednesday, 31 October, 2012, 8:46am

Market Open: Hang Seng seen flat on ICBC, PetroChina earnings

The benchmark Hang Seng Index is expected to remain flat after China's biggest lender posted better-than-expected third-quarter results but market heavyweight PetroChina missed forecast on refining losses.

The benchmark Hang Seng Index is expected to remain flat after China's biggest lender posted better-than-expected third-quarter results but market heavyweight PetroChina missed forecast on refining losses.

All of the big four mainland state-owned banks posted better-than-expected third-quarter results, after banking giant Industrial and Commercial Bank of China (ICBC) posted quarterly earnings after the market close on Tuesday. The "big four" banks posted a combined profit of 189 billion yuan in the third quarter, up 15 per cent from a year earlier.

Overnight, US market was close for a second day due to the storm. In London, the FTSE-100 Index was 41.5 points higher at 5836.

Hot Stocks of the Day:

Industrial and Commercial Bank of China (1398.HK)
Net income rose 15 per cent to a record 62.4 billion yuan from July to September, beating market estimates.

PetroChina (0857.HK)
The nation's biggest energy producer saw net income fall 33 per cent to 24.9 billion yuan from 37.4 billion yuan a year earlier in the third quarter, its lowest quarterly profit in at least three years.

Ping An Insurance (2318.HK)
The insurer reported the lowest quarterly earnings so far this year between July and September due to investment losses resulted from sluggish domestic capital market. Net profit was 2.13 billion yuan, up 21 per cent year on year.

China Railway Construction (1186.HK)
The railway builder said net profit grew 2.06 per cent to 1.9 billion yuan from July to September, due to a fall in railway projects during the period.

CHALCO (2600.HK)
The aluminium giant sank into the red in the third quarter, posting a net loss of 1.08 billion yuan from a net profit of 555 million yuan a year earlier, although losses narrowed quarter-on-quarter by 36 per cent.

Haier Electronics Group (1169.HK)
China’s leading home appliance-maker said nine-month net profit increased 25.4 per cent to 1.17 billion yuan.

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