Stock Talk
PUBLISHED : Friday, 02 November, 2012, 8:11am
UPDATED : Friday, 02 November, 2012, 8:30am

Market Open: Hang Seng seen higher on strong US data, HKMA intervention

Hong Kong stocks are expected to rise today, buoyed by a combination of strong economic data from the United States and by news of further interventions by the city's de facto central bank to weaken the local currency unit after strong inflows of hot money.

Hong Kong stocks are expected to rise today, buoyed by a combination of strong economic data from the United States and by news of further interventions by the city's de facto central bank to weaken the local currency unit after strong inflows of hot money.

Data from payrolls processor ADP showed US companies added 158,000 workers in October,  the fastest pace in eight months. The US releases jobless figures for October later tonight, with the number expected to rise slightly to 7.9 per cent. Separately, US consumer confidence jumped in October to its highest level in more than four years, the Conference Board said.

Overnight, the Standard & Poor's 500-stock index closed up 15.43 points, or 1.09 per cent, to close at 1,427.59. The Nasdaq Composite added 42.83 points, or 1.44 per cent, to 3020.06. In London, the FTSE-100 Index gained 79.22 points, or 1.37 per cent, to finish at 5861.92.

Hot Stocks of the Day:

Air China (0753.HK)
The nation's biggest carrier has obtained regulatory clearance to issue non-public A shares to its controlling shareholder, offering 193 million shares at 5.45 yuan per share.

Uni-President China Holdings (0220.HK)

The company said instant noodle sales at its parent company Uni-President Enterprises Corporation had risen more than 20 per cent year-on-year in the first nine months of the year.

Swire Properties (1972.HK)
The landlord said it hiked rent by a range between 20 per cent and 51 per cent after September 30 rent reviews for Hong Kong properties, such as Pacific Place and TaiKoo Place.

Asia Resources (0899.HK)

The company said it expects to post a substantial interim loss for the six months to September 30, after also posting a loss in the year-earlier period.
 

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