Market Open: Hang Seng seen higher on bullish China growth target

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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Investors may increase their holdings of infrastructure-related firms after an official newspaper said that many mainland provincial governments had set local economic growth targets for 2013 of more than 10 per cent.

The China Securities Journal reported Wednesday that China’s fixed asset investment (FAI) is expected to grow by 23.5 per cent from last year to reach more than 8 trillion yuan. That compares to a 20.6 annual FAI growth last year.

Mainland watchmaker Time Watch (2033.HK) has priced its offering at the upper end of the indicative price range at HK$1.35 per share, and the stock will start trading next Tuesday. The other new share listing, PanAsialum, priced its shares at HK$4.13 apeice, in the middle of an indicative range of HK$3.46 to HK$4.5.

The onshore market may also be boosted on Wednesday after Chinese officials said they were considering increasing the RQFII quota for Taiwan institutional investors to directly invest in China's equity and bond markets.