Miners lead HK market to end down
By Jun Ebias and Claire Zhang |
December 8, 2009, Tuesday
|
Print Edition
Print Edition
HONG Kong shares fell yesterday, as commodities counters led the decline after gold prices eased.
The benchmark Hang Seng Index was down 0.77 percent, or 173.19 points, at 22,324.96. Turnover slipped to HK$60.9 billion (US$7.9 billion) from HK$74.04 billion last Friday.
The China Enterprises Index of top locally listed Chinese mainland stocks slid 0.77 percent to 13,358.30.
"Investors are a bit shaky right now," said Jackson Wong, investment manager at Tanrich Securities. "We have been trading on the weak dollar, especially commodities."
"Expectations that interest rates in the US may go up are very high because of very good jobs data on Friday. That's the main reason why investors are unwinding risky assets," he said.
Zijin Mining lost 5.14 percent and Realgold Mining shed 3.14 percent. Aluminum Corp of China was down 2.12 percent and Jiangxi Copper fell 2.6 percent.
Highest close
Contract cellphone maker Foxconn International surged 16.9 percent to HK$8.30, its highest close since August 14, after Morgan Stanley raised its target price on the stock to HK$9.80 from HK$7.50, dealers said.
China Starch advanced 14.81 percent to HK$1.24, its highest close since May 20, 2008.
The company plans to double its corn starch production capacity to 1.5 million tons through mergers and acquisitions or by building its own plant, the Sing Tao Daily reported.
China Gas Holdings rose 6.43 percent to HK$3.64, its highest close since December 6, 2007. The South China Morning Post said China Gas was in talks to sell a stake in its liquefied petroleum gas subsidiary, Shanghai PetroPower, to PetroChina.
PetroChina was down 0.91 percent.
Geely Automobile rallied 6.13 percent to HK$4.33. The stock earlier rose to a record high of HK$4.38 after the Chinese car maker gave an upbeat sales target.
The Bank of Communications was down 1.28 percent. The lender said it aimed to set up a branch in Taiwan.
Huiyuan Juice rose 19.14 percent following a newspaper report that Taiwan-listed Uni-President may take over the Chinese fruit juice company. The Taiwanese company denied the report.
The benchmark Hang Seng Index was down 0.77 percent, or 173.19 points, at 22,324.96. Turnover slipped to HK$60.9 billion (US$7.9 billion) from HK$74.04 billion last Friday.
The China Enterprises Index of top locally listed Chinese mainland stocks slid 0.77 percent to 13,358.30.
"Investors are a bit shaky right now," said Jackson Wong, investment manager at Tanrich Securities. "We have been trading on the weak dollar, especially commodities."
"Expectations that interest rates in the US may go up are very high because of very good jobs data on Friday. That's the main reason why investors are unwinding risky assets," he said.
Zijin Mining lost 5.14 percent and Realgold Mining shed 3.14 percent. Aluminum Corp of China was down 2.12 percent and Jiangxi Copper fell 2.6 percent.
Highest close
Contract cellphone maker Foxconn International surged 16.9 percent to HK$8.30, its highest close since August 14, after Morgan Stanley raised its target price on the stock to HK$9.80 from HK$7.50, dealers said.
China Starch advanced 14.81 percent to HK$1.24, its highest close since May 20, 2008.
The company plans to double its corn starch production capacity to 1.5 million tons through mergers and acquisitions or by building its own plant, the Sing Tao Daily reported.
China Gas Holdings rose 6.43 percent to HK$3.64, its highest close since December 6, 2007. The South China Morning Post said China Gas was in talks to sell a stake in its liquefied petroleum gas subsidiary, Shanghai PetroPower, to PetroChina.
PetroChina was down 0.91 percent.
Geely Automobile rallied 6.13 percent to HK$4.33. The stock earlier rose to a record high of HK$4.38 after the Chinese car maker gave an upbeat sales target.
The Bank of Communications was down 1.28 percent. The lender said it aimed to set up a branch in Taiwan.
Huiyuan Juice rose 19.14 percent following a newspaper report that Taiwan-listed Uni-President may take over the Chinese fruit juice company. The Taiwanese company denied the report.
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