Hong Kong and China Stocks Decline in Monday Morning Trading
Posted: December 18, 2016 Filed under: Asia, China, Economics, Global | Tags: Agence France-Presse, Bank of America, Blue chip (stock market), CMC Markets, CSI 300 Index, Dow Jones Industrial Average, Federal Bureau of Investigation, Federal Reserve System, Goldman Sachs, Hang Seng Index, Hong Kong, MSCI, Nasdaq, New York Stock Exchange Leave a comment
The Hang Seng Index was down 0.77 per cent or 168.87 points to 21,851.88 on Monday morning session close.
Shares in Hong Kong and mainland China declined at the mi-day trading pause, following retreats in most Asian equity markets as rate increases announced last week by the US Federal Reserve and Hong Kong Monetary Authority lead to capital outflow back to American shores.
The Hang Seng Index fell 168.87 points, or by 0.8 per cent, to 21,851.88, while the Hang Seng China Enterprises Index dropped 1 per cent to 9,374.09. The CSI 300 Index fell 0.2 per cent to 3,339.42.
“With the higher rates in US,Hong Kong stocks could be under pressure as capital could flow out of Hong Kong ,” said Ben Kwong Man-bun, executive director of KGI Asia.
China bond-market selloff shows risks of Beijing’s efforts to restrain credit
Insurers led losses among Chinese companies on the Hang Seng China Enterprises Index, amid concerns that mainland regulators will further place their market investments under scrutiny.
Ping An Insurance Group Co. fell 1.7 per cent to a four-month low of HK$39.75 while AIA Group Ltd fell 1.5 per cent to HK$43.75.
China Vanke Co. fell in Shenzhen and Hong Kong after the country’s largest property developer scrapped a white knight rescue plan involving Shenzhen Metro, which was intended to help defend it from a hostile takeover.
[Read the full story here, at South China Morning Post]
Vanke shares fell by as much as 6.3 per cent, closing 4.5 per cent lower at HK$18.48 during the lunch pause. In Shenzhen, Vanke’s shares fell as much as 5.3 per cent, dropping 4.7 per cent to 21.40 yuan.
The Shanghai Composite Index dropped 0.1 per cent to 3,119.65. The Shenzhen Component index dropped 0.26 to 10,307.48, while the Shenzhen Composite Index declined 0.21 per cent to 1,987.49.
The Nasdaq style ChiNext closed 0.60 per cent lower at 1,986.22.
China’s monetary policy will be pursued in a “neutral” manner in the coming year, a departure from last year’s “flexible” stance, according to an analysis by Macquarie Capital’s Larry Hu, parsing the Communist Party’s Central Economic Work Conference last Friday. Read the rest of this entry »
Global Financial Markets React to Brexit Vote
Posted: June 24, 2016 Filed under: Breaking News, Economics, Global, Mediasphere, Politics | Tags: Brexit, Finance, Hang Seng Index, Hong Kong Leave a comment
Hong Kong stocks dived on Friday morning after vote counting indicated a win for the “Leave” camp in the referendum on Britain leaving the European Union.
The Hang Seng index nosedived 4.67 per cent or 974.22 points, trading at 20,132.02 at Friday’s morning close. At one point, the index lost 1,023.34 points or 4.9 per cent. The H-share Index also fell 4.58 per cent or 402.21 points to 8,382.86.
Pound sterling fell sharply by more than 12 per cent in morning trade to its lowest level in 30 years on the Brexit news, with analysts believing the currency has no hope to bounce back in the near term.
Chinese yuan also fell to a five year low with onshore yuan down 0.54 per cent to trade at 6.6101 before bouncing back to 6.6091 yuan per US dollar at 12.30am, while the offshore yuan down 0.79 per cent to trade at 6.6360 yuan per US dollar. Read the rest of this entry »
[PHOTOS] iPhone 6s Goes on Sale in Japan
Posted: September 27, 2015 Filed under: Asia, Global, Japan | Tags: Alaska, Apple Inc, Apple Store, China, Hang Seng Index, Hong Kong, Hong Kong dollar, iPhone, Japan, New Hampshire Leave a comment
Apple fans in Japan finally got a chance to get their hands on the iPhone 6s Friday…
Japan was among the 12 countries and territories where the iPhone 6s went on sale Friday. The new models were available by reservation only in China, Hong Kong, Japan and U.S. stores in tax-free states.
Despite the rainy weather in Tokyo, fans turned out to try the new 6s, including some wearing iPhone-shaped hats….(read more)
Source: Japan Real Time – WSJ
Volatility, Chaos, Panic, Despair: Greeks Freak
Posted: July 5, 2015 Filed under: Economics, Global | Tags: Beijing, China, DAX, Dow Jones Industrial Average, Electoral reform, FTSE 100 Index, Government of the People's Republic of China, Greece, Hang Seng Index, Hong Kong, Pan-democracy camp Leave a comment
Sarkis Zeronian reports: The value of the euro compared to major peer currencies is already dropping as the financial effects of the Greek ‘No’ vote in Sunday’s referendum filter into the global market. With analysts predicting banks facing funding crises and individuals unable to take their money from ATMs, volatility is set to reign for some time.
“It was not the only currency to lose value. The Aussie fell 0.9 per cent to 74.52 U.S. cents, the first time it’s broken 75 cents since 2009, and New Zealand’s dollar slipped 0.6 per cent.”
Bloomberg reports analysts are tipping the investment winners in the situation to be Treasuries and German bunds, benefiting from a “flight to safety”.
“This was also related to regional difficulties involving China where initial public offerings were suspended, as brokerages pledged to buy shares and the state media tried to limit investor panic as officials intensified efforts to stop the steepest plunge in equities the country has seen since 1992.”
With currencies trading throughout the day, the euro began to fall as soon as the outcome of the referendum became clear, even with most traders in Tokyo and Hong Kong yet to reach their desks. The drop is said to herald the start of what is expected to be a volatile week for global financial markets as institutions such as JPMorgan Chase & Co say Greece exiting the eurozone is now the base-case scenario.
The euro lost 1.1 per cent to $1.0992 by 6:12 a.m. Tokyo time, its weakest level since 29 June, also slipping 1.7 per cent against the yen and 1 per cent versus the pound. Greece may only account for less than 2 per cent of eurozone output, but a ‘Grexit’ risks setting a precedent of reversible membership.
It was not the only currency to lose value. The Aussie fell 0.9 per cent to 74.52 U.S. cents, the first time it’s broken 75 cents since 2009, and New Zealand’s dollar slipped 0.6 per cent. This was also related to regional difficulties involving China where initial public offerings were suspended, as brokerages pledged to buy shares and the state media tried to limit investor panic as officials intensified efforts to stop the steepest plunge in equities the country has seen since 1992. Read the rest of this entry »
超富裕 HONG KONG PAYDAY, BABY!
Posted: January 12, 2015 Filed under: Asia, China, Economics, Global | Tags: Asia, Cayman Islands, Cheung Kong Holdings, Forbes, Hang Seng Index, Hong Kong, Hong Kong dollar, Hutchison Whampoa, Li Ka-shing, Public company 2 Comments
HONG KONG—Shares in blue chip firms Cheung Kong Holdings Ltd and Hutchison Whampoa surged on Monday after Asia’s richest person, Li Ka-shing ,announced the reorganization of his empire into two new companies.
By the close of trading in Hong Kong Monday, Mr. Li and his family’s stakes in Hutchison and Cheung Kong were valued at US$19.9 billion combined, up 14.5% from US$17.4 billion Friday. Cheung Kong soared 14.7% to close at 143.2 Hong Kong dollars (US$18.47) Monday, outperforming the benchmark Hang Seng Index’s 0.5% gain, while Hutchison Whampoa jumped 12.5% to close at HK$98.35.
Mr. Li, 86 years old, said Friday the real-estate assets of Cheung Kong and Hutchison will be carved out into a new company listed in Hong Kong, to be called CK Property. Read the rest of this entry »
Hong Kong’s Top 10 Box Office Hits of 2014
Posted: January 4, 2015 Filed under: Art & Culture, Asia, China, Entertainment | Tags: Academy Award for Best Writing (Adapted Screenplay), American Desperado, China, Christmas, Christmas Eve, Hang Seng Index, Hollywood, Hong Kong, Hong Kong dollar, Mark Wahlberg, The Gambler (1974 film) Leave a comment
Dean Napolitano and Joyu Wang report: The blockbuster “Transformers: Age of Extinction” topped Hong Kong’s box office in 2014, a year in which big-budget Hollywood tentpoles again dominated local cineplexes.
The fourth installment of the “Transformers” franchise pulled in HK$98.2 million (US$12.7 million), according to Hong Kong Box Office Ltd. That far outpaced “Captain America: The Winter Soldier,” which came in second and earned HK$56.6 million.
Rounding out the top five were other effects-filled Hollywood movies: “The Amazing Spider-Man 2” came in at No. 3, followed by “Interstellar” and “X-Men: Days of Future Past.”
Sandra Ng with Anthony Wong in a scene from ‘Golden Chickensss.’
Treasure Island Production Ltd
Director Michael Bay’s “Transformers: Age of Extinction” was something of a hometown film: A major part of the action takes place in Hong Kong, including the movie’s climax, in which much of the city is destroyed in a battle between giant robots
The movie held its world premiere at the Hong Kong Cultural Centre, with stars Mark Wahlberg, Stanley Tucci, Kelsey Grammer and Nicola Peltz hitting the red carpet while admiring the city’s dramatic skyline.
The cast also included popular Chinese actress Li Bingbing in a co-starring role, while other Hong Kong and Chinese actors took minor roles. Still, the movie failed to match 2013’s top hit, “Iron Man 3,” which made HK$106.4 million….(read more)
Top 10 Films by Box-Office Receipts in Hong Kong in 2014
- “Transformers: Age of Extinction” – HK$98.2 million
- “Captain America: The Winter Soldier” – HK$56.6 million
- “The Amazing Spider-Man 2” – HK$54.7 million
- “Interstellar”* – HK$51.1 million
- “X-Men: Days of Future Past” – HK$50.8 million
- “Golden Chickensss” – HK$41.3 million
- “Maleficent” – HK$40.9 million
- “Dawn of the Planet of the Apes” – HK$36.97 million
- “Night at the Museum: Secret of the Tomb”* – HK$36.5 million
- “From Vegas to Macau” – HK$33.6 million
TRIAD UNLEASHED: Masked Gangsters Lead Assault Against Pro-Democracy Protesters
Posted: October 13, 2014 Filed under: Asia, Censorship, China, Politics | Tags: Barricade, Beijing, CY Leung, Free speech zone, Hang Seng Index, Hong Kong, Kowloon, List of cities in the People's Republic of China, Monday, Pro-Beijing camp, Protest 1 Comment
HONG KONG – A mob of masked men opposed to Hong Kong’s pro-democracy demonstrators led an apparently coordinated assault on the protest zone in the heart of the city’s financial district Monday, tearing down barricades and clashing with police.
[Follow Pundit Planet’s EXCLUSIVE coverage of the Hong Kong Protests]
The chaotic scenes came after police carried out a dawn operation to reopen some key roads blocked by protesters for more than 15 days. Police said they will continue to chip away at the occupied zone to relieve traffic, and warned that anyone who challenges them could be arrested.
“Before the police came, young men wearing masks and dark clothing came to pick fights with people and we heard that some of them had weapons.”
Monday’s confrontations highlighted the growing tension between student-led protesters and authorities — as well as other residents aggravated by the disruptions. The protesters, who had enjoyed widespread support when the movement began, are fighting to keep up momentum as the political crisis entered a third week.
“I don’t know who the young men wearing masks were. We suspect they’re triad members, but it’s hard to say. What other kind of group would organize themselves to come attack us?”
— Kevin Ng, college student
Demonstrators have flooded several thoroughfares in central Hong Kong since Sept. 28 in a civil disobedience movement to oppose restrictions on the first-ever direct election for the semiautonomous Chinese city’s leader, promised by Beijing for 2017.
Leung Chun-ying
They want authorities to drop a plan to use a pro-Beijing committee to screen candidates, and demand the resignation of Chief Executive Leung Chun-ying, the city’s Beijing-backed leader.
Authorities have repeatedly urged protesters to retreat from the streets, but student leaders have vowed to keep up the disruptions until the government responds to their demands. Read the rest of this entry »
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