Market Open: Hong Kong stocks seen lower on disappointing US manufacturing
Kong stocks may track the US market lower on Tuesday, after US manufacturing unexpectedly contracted to its lowest level since July 2009, fueling worries about a slowdown in the world's biggest economy just as it tackles the looming "fiscal cliff".
Hong Kong stocks may track the US market lower on Tuesday, after US manufacturing unexpectedly contracted to its lowest level since July 2009, fueling worries about a slowdown in the world's biggest economy just as it tackles the looming "fiscal cliff".
The US Institute for Supply Management said overnight that its index of manufacturing conditions fell to 49.5, from 51.7 in October. A reading above 50 signals growth, but a sub-50 reading indicates contraction. Investors may be cautious ahead of key US jobs data to be released on Friday.
Overnight, the Standard & Poor's 500-stock index closed down 6.72 points, or 0.47 per cent, at 1,409.46. The Nasdaq Composite lost 8.04 points, or 0.27 per cent, to 3,002.20. In London, the FTSE-100 Index added 4.42 points, or 0.08 per cent, to end at 5,871.24.
Hot Stocks of the Day:
Gambling revenue in Macau rose 7.9 per cent in November year-on-year to 24.88 billion patacas (US$3.12 billion), but fell 10.1 per cent from October, traditionally a peak season for Chinese nationals because of the Golden week holiday. Galaxy Entertainment (0027.HK), SJM Holdings (0880.HK) are among several firms affected.
Fantasia Holdings (1777.HK)
The Chinese property developer said its chief financial officer Chan Sze Hon had resigned, effective November 30, and Lam Kam Tong, an executive director, was the new CFO.
China Unicom (0762.HK), China Telecom (0728.HK)
On Monday, China Unicom started taking orders for the iPhone5, and China Telecom started taking orders on Tuesday. They will start selling the handpieces on December 14, but mainland media said neither telecom operator has yet announced a monthly plan for the iPhone 5.