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Stock Talk | Market Open: Hang Seng may dip after Beijing's inflation warning
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The benchmark Hang Seng Index could fall on Thursday in reaction to a comment by Chinese Premier Wen Jiabao that policymakers would not underestimate inflation risk “at any time”, fuelling worries that bank lending would remain subdued and property curbs would be maintained.
Meanwhile, the Federal Reserve will maintain its US$85 billion a month of asset purchase plan because economic growth remains uncertain, the FOMC said after a two-day meeting in Washington. The US market dipped overnight as investors took profit from a recent rally.
Bosideng International Holdings (3998.HK) may fall on Thursday after asset manager IDG Capital Partners placed 119 million existing Bosident shares at an indicative range of HK$2.16 to HK$2.20, representing a discount of up to 5.3 per cent to Wednesday’s close of HK$2.28.
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More companies issued profit warnings overnight, including paper maker Chenming Paper (1812.HK) which said last year profit may slump up to 65 per cent year-on-year. CNOOC (0883.HK) may also come under selling pressure after it said its this year output target would be flat compared to last year, but capital spending would expand.
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