Market Open: Profit taking, earnings worries to undermine Hang Seng

Jeanny Yu

BIO

Jeanny Yu covers stock markets for the South China Morning Post, with a focus on Hong Kong equities. She interviews top economists, fund managers and key market players. She is a graduate of the University of Hong Kong and used to work for Bloomberg and Hong Kong Economic Journal.

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>The benchmark Hang Seng Index may fall from its fresh 19-month high recorded last Friday on the back of promising China economic growth as investors shifted their focus to the upcoming earnings season and some may take profit to lock in earlier gains.

Telecom firm ZTE (0763.HK), Coal producer Winsway(1733.HK), China Flooring Holding (2083.HK) and sportswear maker 361 DEGREE (1361.HK) all issued profit warnings after market closed on Friday.

Meanwhile, net profit at China Minsheng Banking Corporation(1988.HK) surged 34.51 per cent year-on-year to 37.56 billion yuan in 2012, the lender reported on Friday after the market closed. The big-four lenders are due to report earnings, starting from March 15.

On the policy side, China is seeking public comments to control pollution after the capital city of Beijing suffered from severe fog last week. Meanwhile, Beijing said it wants to settle the territorial conflict in the East China Sea with Japan peacefully, and criticised the US for intervening in the issue.