Market Open: Hang Seng seen higher on fresh HKMA intervention
The Hang Seng index is seen to open higher after the city's central bank was again forced to sell Hong Kong dollars in the money market to prevent the local currency from strenghthening against the US dollar.
The Hong Kong Monetary Authority said on Tuesday it sold HK$3.1 billion after market closed, as the greenback was trading at HK$7.75 against the Hong Kong dollar. The local currency is pegged at HK$7.80 to the US dollar, but is allowed to trade between HK$7.75 and HK$7.85.
Hot Stocks of the Day
Next Media (0282.HK)
Nearly 200 students and activists protested outside government cabinet offices in Taipei on Tuesday, arguing that the company's sale of the Taiwan media businesses would create a pro-China media monopoly. Jimmy Lai, who controlled Next Media, is regarded as a critic of China.
The Hong Kong restaurant operator said same-store sales in the first half fell five to six per cent year-on-year in China.
The company said net profit grew 16.3 per cent to HK$33.7 million during the first half ended September due to strong sales growth in Russia, United States and Greater China.