Market Open: Hong Kong stocks seen higher on HSBC Chinese PMI
Hong Kong stocks are expected to open higher ahead of the HSBC Chinese PMI which is due to be released on Friday morning (0945 HKT), with analysts expecting the number to show that the nation's factory activities expanded more strongly last month. However, gains could be capped by the wave of share placements announced by a list of firms.
China’s HSBC flash manufacturing PMI probably strengthened to 50.8 in December from 50.5 a month earlier, according to a Bloomberg survey. Overnight on Wall Street, the S&P 500 fell for the first time since December 4. Copper dropped the most in five weeks, and oil fell for the first time in three days.
Wind power producer China Longyuan (916.HK) was the latest to join blue-chip CLP Holdings (0002.HK), property developer Kaisa (1638.HK) to take advantage of a rising market. It plans to raise HK$312 million from selling shares at between HK$5 and HK$5.2 apeice.
In addition, Yuexiu Property (0123.HK) said it has agreed to acquire a parcel of land in the eastern port city of Qingdao in Shandong Province for 1.01 billion yuan.