Stock Talk

Market Open: Hong Kong stocks seen flat ahead of Fed announcement

PUBLISHED : Wednesday, 12 December, 2012, 8:44am
UPDATED : Wednesday, 12 December, 2012, 9:06am

Hong Kong stocks are likely to tread water, with investors cautious ahead of the key Federal Reserve meeting, which could announce more bond purchases this week if the central bank decides to continue quantitative easing and launch further bond purchases after Operation Twist ends at the end of December.

Overnight, the Standard & Poor's 500-stock index added 9.29 points, or 0.65 per cent, to close at 1427.84. The Nasdaq Composite gained 35.34 points, or 1.18 per cent, to close at 3,022.30. In London, the FTSE-100 Index added 3.34 points, or 0.06 per cent, to end at 5,924.97.

CLP Holdings (0002.HK)
The Hong Kong power producer said it will hike power tariffs from the begining of next year by 5.9 per cent after fuel costs surged.

Yuexiu Property (0123.HK)
The company said its 51-percent-owned subsidiary acquired land in Kunshan city in eastern Jiangsu Province for 495.6 million yuan.

Changfeng Axle (China)(1039.HK)
The truck producer said it may post an annual loss because of weak demand for trucks because of the weak global economy and tight margins.