Market Open: Hang Seng to open lower after loan scheme rumour appeased

The Hang Seng index is seen to open lower as investors try to lock in earlier gains – after the government played down earlier market rumours it would announce financial aid to help first-time home buyers.

Housing chief Anthony Cheung Bing-leung said the government had yet to consider offering loans to first-time buyers. This was despite the idea floated at a meeting of an advisory panel on Thursday. Local property developers were active in afternoon trade on Thursday following speculation the loan scheme would be introduced soon.

Overnight, the US market closed for Thanksgiving. In London, the FTSE-100 Index added 39 points, or 0.68 per cent, to finish at 5,791.03.

Hot Stocks of the Day:

Yuexiu Property (0123.HK)

The company said it acquired a parcel of land with a total permissible gross floor area of around 154,833 square metres in Shenyang, the capital city of the northern Liaoning Province, for 399.9 million yuan.

Mongolia Investment (0402.HK)

The company said it will incur a significant loss for the six months ended September 30, mainly due to the imputed interest expenses in respect of outstanding convertible notes.

China Unicom (0762.HK)

The company are in talks with a group of distributors to help launch the iPhone 5 in the mainland. The distribution network was expected to be wider than previous launches, Sina.com reported.