Market Open: H-shares may fall as World Bank cuts forecasts
The Hong Kong stock market is poised to fall on worries that global economy is in a slower pace for recovery as World Bank cut its growth forecast for this year.
The World Bank lowered forecast for the global economy in 2013 to 2.4 per cent from 3 per cent and said commodity prices should stabilise or even fall amid slowing demand. Overnight, the US stocks were mixed, with the Dow Jones Industrials and the S&P 500 slightly up and the Nasdaq dipping 0.2 per cent.
As for individual stocks, mainland winemaker JLF Investments (0472.HK) said its profits retreated sharply during last year as due to weaker demand and rising competition from imported foreign red wines.
Real Nutriceutical Group (2010.HK) denied media reports that the company's sales were falsified and that its major distributors had undisclosed relationships with the company.