China’s plan to conduct stress tests on Chinese banks has put the property stocks under duress. The tests will explore the scenario of the impact of a property market crash on banks’ loan and credit quality. Earlier tests showed positive results, though. China Overseas Land & Investment fell 3.4%, Sun Hung Kai Properties edged down 0.59%, both Henderson Land and New World Development shed 0.3% and 0.28%, respectively. Only Cheung Kong Holdings managed to stay above the red as it reported a rise in net profit by 4% to HK$11.92 billion (yoy) due to better property sales and Hutchison Whampoa. Hutchison Whampoa which at the same day reported a net profit increase of 12% to $6.45 billion (yoy) or HK$1.51 a share, ended at HK$53.05. The result beat consensus figures of HK$ 4.3 billion. Cheung Kong itself settled the day at HK$86.60.
Cathay Pacific resumed its rally after a rosy earnings report on the previous day. The airliner settled at HK$18.92 or up 4.65%. Several analysts adjusted their ratings on Cathay: DBS upped target to HK$20 from HK$17.52; UBS put Cathay to BUY from NEUTRAL with raised target at HK$21 vs. prior HK$18; Morgan Stanley raised target to HK$22 vs. HK$18, the same as JP Morgan’s upgrade; Citi set target at HK$19.50 from HK$10.51; UOB-KH aimed at HK$22.60 vs. HK$19.20 and Deutsche Bank expected the stock at HK$23.20 vs. HK$19.60.
PetroChina showed unusual volume of put contracts during the US session as 1,519 puts were placed, higher than the ten day average volume of 329. There were 630 calls traded at the same day, which brought the put/call ratio to 2.41. The ratio used as a measure of investor sentiment where high ratio suggests a bearish outlook and vice versa. PetroChina ended at HK$9.05 or down by 0.11%.
Hang Seng index barely changed as it settled the day at 21,551.72 or up 2 points from Wednesday’s close.
Cathay Pacific resumed its rally after a rosy earnings report on the previous day. The airliner settled at HK$18.92 or up 4.65%. Several analysts adjusted their ratings on Cathay: DBS upped target to HK$20 from HK$17.52; UBS put Cathay to BUY from NEUTRAL with raised target at HK$21 vs. prior HK$18; Morgan Stanley raised target to HK$22 vs. HK$18, the same as JP Morgan’s upgrade; Citi set target at HK$19.50 from HK$10.51; UOB-KH aimed at HK$22.60 vs. HK$19.20 and Deutsche Bank expected the stock at HK$23.20 vs. HK$19.60.
PetroChina showed unusual volume of put contracts during the US session as 1,519 puts were placed, higher than the ten day average volume of 329. There were 630 calls traded at the same day, which brought the put/call ratio to 2.41. The ratio used as a measure of investor sentiment where high ratio suggests a bearish outlook and vice versa. PetroChina ended at HK$9.05 or down by 0.11%.
Hang Seng index barely changed as it settled the day at 21,551.72 or up 2 points from Wednesday’s close.
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