Stock Talk

Market Open: Hang Seng seen lower on profit taking after hitting new high

PUBLISHED : Monday, 05 November, 2012, 8:20am
UPDATED : Monday, 05 November, 2012, 11:35am

Hong Kong stocks are seen to open lower as investors may flock to lock in some profit after the benchmark index hit a 15-month high on improving data and capital inflow.

Meanwhile, China's central bank vowed to keep monetary conditions stable on Friday. "The preemptive fine-tuning of macro policies and the structural reform measures are gradually taking effect, and the economy is expected to keep steady and relatively rapid growth," the central bank said.

Overnight, the Standard & Poor's 500-stock index closed down 13.39 points, or 0.94 per cent, to close at 1,414.2. The Nasdaq Composite lost 37.93 points, or 1.26 per cent, to 2982.13. In London, the FTSE-100 Index gained 6.63 points, or 0.11 per cent, to finish at 5868.55.

Hot Stocks of the Day:

China Pacific Insurance (2601.HK)
The insurer said it has obtained Chinese regulator's approval on its plan to issue 462 million new H-shares at HK$22.50 per share in a private H-share placement.

Shandong Chenming Paper (1812.HK)
The paper producer said it has gained approval from regulator to issue corporate bonds. The company said in May that it plans to issue no more than 4 billion yuan worth of corporate bonds.

Jingwei Textile Machinery (0350.HK)
The company said its senior management acquired in aggregate 351,000 additional A shares in the Company by using their own funds last Friday. The trading prices ranged from 9.95 yuan to 9.99 yuan per share.

CNOOC (0883.HK)
The Canadian government extended deadline for a final decision on the Chinese offshore energy producer's US$15.1 billion acquisition bid for Canada's Nexen until December.