Showing posts with label BOC HK. Show all posts
Showing posts with label BOC HK. Show all posts
Tuesday, October 5, 2010
Monday, October 4, 2010
Wednesday, September 1, 2010
Asian Markets Review – September 1st 2010
PMI Data Lifted Mood in Japan and Hong Kong
Nikkei 225 Average shot up 102.96 points or 1.17% to end at 8,927.02 after the mark
et’s mood in Asia brightened early by economic data coming from China and Australia.
PMI data reported by China Federation of Logistics and Purchasing (CFLP) for the manufacturing sector in China was up from 51.2 in July to 51.7 in August. Similarly, another PMI data compiled by HSBC-Markit Economics also showed improvement as the index rose to 51.9 from 49.4, clawing back from the contraction zone (<50) to the expansion zone. The data was able to lift the mood, calming the market’s concerns over the potential slowdown in China due to the government’s measure to stem growth.
Australian GDP due on Wednesday also provided support as economic growth improved to 1.2% in 2Q from 1Q which was at 0.7%. The GDP figure was better than the market consensus of 0.9%.
From Japan, the auto industry enjoyed a 47% rise in August year-on-year. The sales reached 290,789 units a
nd were the highest jump since 1972. Government’s subsidy helped spurred the sales, but it would expire soon late this month. Toyota was at the lead with sales of 130,092 units, excluding its Lexus model, jumping 43%. Honda was at the second place with 61% jump in sales to 50,195 units. Another auto giant Nissan Motor reached 44,857 units sold or leaped 45%. Auto sales in China were also robust as auto dealers offered lower prices to boost sales and to reduce inventories.
The sales figures were released after the market closed and are likely to influence the shares prices of Toyota, Nissan, and Honda on Thursday. Toyota ended the day at ¥2,857 (-0.10%), Honda at ¥2,807 (+1.01%) and Nissan at ¥645 (+0.47%). Meanwhile, Tokyo Electron was down 0.25% and Advantest slipped 0.44%. Mitsubishi Estate, Sumitomo Metal Industries, and Daikin Industries were gaining 3.33%, 2.03%, and 1.92%, respectively.
In Hong Kong, Hang Seng index settled at 20,623.80, rising 0.43%. Shanghai Composite slipped to 2,622.88 or down 0.60%. Shanghai’s losses were triggered by a report from Xinhua regarding China Banking Regulatory Commission’s (CBRC) statement that the Commission would continue to stem speculative investment in the property sector, supporting the construction of affordable housing and to control risk.
BOC-Hong Kong jumped 3.67% to end at HK$21.20
after the yuan deposit level exceeded the 100 billion yuan mark for the first time. Other stocks with significant gains were China Resources (+3.4%) and China Telecom (+3.19%).
Property stocks scattered at the red zone, except Hang Lung Properties and Sino Land which gained 0.72% and 0.74%, respectively. China Overseas Land and Investment slumped 2.41% to HK$16.20, Henderson Land fell 2.10% to HK$46.60, while Sun Hung Kai Properties settled 0.18% lower at HK$108.80. New World Development was at HK$12.40 or down 0.64%.
Li Ka-Shing’s purchase of Hutchison Whampoa’s shares amounting to 1.163 million shares last week managed to boost Hutchison by 2.4% to HK$58.90. Li’s stakes at the company are now 52.31%, up from 52.28%.
Foxconn resumed its Tuesday’s slide as the shares fell to HK$4.93 or tumbling 4.6%. The fall was due to the poor results which were reported on late Monday.
Nikkei 225 Average shot up 102.96 points or 1.17% to end at 8,927.02 after the mark
et’s mood in Asia brightened early by economic data coming from China and Australia.PMI data reported by China Federation of Logistics and Purchasing (CFLP) for the manufacturing sector in China was up from 51.2 in July to 51.7 in August. Similarly, another PMI data compiled by HSBC-Markit Economics also showed improvement as the index rose to 51.9 from 49.4, clawing back from the contraction zone (<50) to the expansion zone. The data was able to lift the mood, calming the market’s concerns over the potential slowdown in China due to the government’s measure to stem growth.
Australian GDP due on Wednesday also provided support as economic growth improved to 1.2% in 2Q from 1Q which was at 0.7%. The GDP figure was better than the market consensus of 0.9%.
From Japan, the auto industry enjoyed a 47% rise in August year-on-year. The sales reached 290,789 units a
nd were the highest jump since 1972. Government’s subsidy helped spurred the sales, but it would expire soon late this month. Toyota was at the lead with sales of 130,092 units, excluding its Lexus model, jumping 43%. Honda was at the second place with 61% jump in sales to 50,195 units. Another auto giant Nissan Motor reached 44,857 units sold or leaped 45%. Auto sales in China were also robust as auto dealers offered lower prices to boost sales and to reduce inventories.The sales figures were released after the market closed and are likely to influence the shares prices of Toyota, Nissan, and Honda on Thursday. Toyota ended the day at ¥2,857 (-0.10%), Honda at ¥2,807 (+1.01%) and Nissan at ¥645 (+0.47%). Meanwhile, Tokyo Electron was down 0.25% and Advantest slipped 0.44%. Mitsubishi Estate, Sumitomo Metal Industries, and Daikin Industries were gaining 3.33%, 2.03%, and 1.92%, respectively.
In Hong Kong, Hang Seng index settled at 20,623.80, rising 0.43%. Shanghai Composite slipped to 2,622.88 or down 0.60%. Shanghai’s losses were triggered by a report from Xinhua regarding China Banking Regulatory Commission’s (CBRC) statement that the Commission would continue to stem speculative investment in the property sector, supporting the construction of affordable housing and to control risk.
BOC-Hong Kong jumped 3.67% to end at HK$21.20
after the yuan deposit level exceeded the 100 billion yuan mark for the first time. Other stocks with significant gains were China Resources (+3.4%) and China Telecom (+3.19%).Property stocks scattered at the red zone, except Hang Lung Properties and Sino Land which gained 0.72% and 0.74%, respectively. China Overseas Land and Investment slumped 2.41% to HK$16.20, Henderson Land fell 2.10% to HK$46.60, while Sun Hung Kai Properties settled 0.18% lower at HK$108.80. New World Development was at HK$12.40 or down 0.64%.
Li Ka-Shing’s purchase of Hutchison Whampoa’s shares amounting to 1.163 million shares last week managed to boost Hutchison by 2.4% to HK$58.90. Li’s stakes at the company are now 52.31%, up from 52.28%.
Foxconn resumed its Tuesday’s slide as the shares fell to HK$4.93 or tumbling 4.6%. The fall was due to the poor results which were reported on late Monday.
Thursday, August 26, 2010
Asian Markets Review – August 26th 2010
Nikkei Bounced on Yen's Retreat, China Life Weighed on Hang Seng
Nikkei 225 average recovered from lows on Thursday, ending the day at 8,906.48 or up 0.69% as yen weakened against the US dollar and also from the late rally on Wall Street which brought the US equity indexes back from underwater. In Shanghai, the Shanghai Stock Exchange also gained 6.90 points or 0.27% to end at 2,603.48. Hong Kong’s Hang Seng index however, fell 22.92 points to 20,612.06 or 0.11% below Wednesday’s close.
Among gainers in Japan, Kyocera advanced 1.97% to 7,240 yen, Nikon to end at 1,398 yen or up 1.90%, while Honda Motor gained 1.77% to 2,766 yen. Sony and Tokyo Electron were in the red as they ended 0.42% and 0.25% lower, respectively.
Corporate news came from Canon who indicated that it might have to raise output overseas and review product prices should the yen strength continues. Yen’s recent strength has worried Japanese exporters as strong yen is seen to erode export sales. Another came from Toyota who planned to release its Etios hatchback in India starting from early 2011. First year sales of Etios are aiming for 70,000 units. Lexus is also another brand considered to be released in India.
Dollar went up against yen as jitters reigned over the markets on the potential action from the government regarding yen’s strength. The greenback gained against yen to 84.68 while the euro also rose against yen to 107.79.
In Hong Kon
g, China Life reported first-half results which showed increase of net profits by 7.4% from last year. Meanwhile, Ping An Insurance delivered a 28.5% jump in net profit during the first-half 2010, leading to an increase of its price target to HK$88 from HK$80 by Credit Suisse. China Life fell 6.3% upon the report and ended at HK$30.65, a major drag to Hang Seng index. Poor results from China Life sent its target cut to HK$39 from HK$45 by Morgan Stanley, while Credit Suisse downgraded its rating to NEUTRAL from OUTPERFORM with target set at HK$37 from HK$42. Regarding AIA’s IPO, China Life Chairman said that the company was still undecided on whether to invest or not in the IPO, but plans to focus on bonds for investments as well as deposits in 2H. The chairman also added that China Life has no near-term financing needs.
PetroChina announced a 29% increase in net profit during 1H to 65.3 billion yuan, lower than the consensus of 68.7 billion yuan. Lower results were due to the government’s controls on tariffs of gasoline and diesel even as the crude oil prices were higher. PetroChina was up 0.36% at HK$8.48.
China Resources also delivered its first-half report which showed its net profit more than tripled from a year earlier. A major factor behind the rise was a gain from the sale of its brand-fashion distribution unit. Net profit amounted to HK$4.24 billion, up from HK$1.16 billion, while revenue was up 19.8% to HK$41.98 billion from HK$35.05 billion. First-half dividend stayed unchanged at HK$0.14. The shares were unchanged by the end of the day at HK$31.55.
The third biggest lender in China, Bank of China said that its first-half net profit was up 27% as demand for loans and asset quality improved. The H-shares were settled at HK$3.96, unchanged from the previous day. Elsewhere, the BOC-Hong
Kong also reported its results for the same period. Earnings per share were at HK$0.68 per share, 7.5% higher than HK$0.6329 per share a year ago. Net profit was up 7.5% to HK$7,190 million. Interim dividend was up 40.4% to HK$0.40 per share. At the closing time, BOC-HK was at HK$20.05 or down 1.23%.
In the telecommunication sector, China Telecom was upgraded to OVERWEIGHT from NEUTRAL by HSBC while its target was raised to HK$4.40 from HK$3.60. Another change in upgrades and downgrades was from Cosco Pacific which had its target raised to HK$13.80 from HK$12.50 by Credit Suisse.
Next Tuesday, ICBC plans to sell convertible bonds worth 25 billion yuan which are to be converted to its Shanghai-listed shares. In addition, 45 billion yuan is also to be raised through a rights offer in Shanghai and Hong Kong. Earlier, ICBC said that 2Q net profit was up 38% as margins widened and demand for loans and fee-based services were up. ICBC stayed unchanged compared to prior day at HK$5.59.
Nikkei 225 average recovered from lows on Thursday, ending the day at 8,906.48 or up 0.69% as yen weakened against the US dollar and also from the late rally on Wall Street which brought the US equity indexes back from underwater. In Shanghai, the Shanghai Stock Exchange also gained 6.90 points or 0.27% to end at 2,603.48. Hong Kong’s Hang Seng index however, fell 22.92 points to 20,612.06 or 0.11% below Wednesday’s close.
Among gainers in Japan, Kyocera advanced 1.97% to 7,240 yen, Nikon to end at 1,398 yen or up 1.90%, while Honda Motor gained 1.77% to 2,766 yen. Sony and Tokyo Electron were in the red as they ended 0.42% and 0.25% lower, respectively.
Corporate news came from Canon who indicated that it might have to raise output overseas and review product prices should the yen strength continues. Yen’s recent strength has worried Japanese exporters as strong yen is seen to erode export sales. Another came from Toyota who planned to release its Etios hatchback in India starting from early 2011. First year sales of Etios are aiming for 70,000 units. Lexus is also another brand considered to be released in India.
Dollar went up against yen as jitters reigned over the markets on the potential action from the government regarding yen’s strength. The greenback gained against yen to 84.68 while the euro also rose against yen to 107.79.
In Hong Kon
g, China Life reported first-half results which showed increase of net profits by 7.4% from last year. Meanwhile, Ping An Insurance delivered a 28.5% jump in net profit during the first-half 2010, leading to an increase of its price target to HK$88 from HK$80 by Credit Suisse. China Life fell 6.3% upon the report and ended at HK$30.65, a major drag to Hang Seng index. Poor results from China Life sent its target cut to HK$39 from HK$45 by Morgan Stanley, while Credit Suisse downgraded its rating to NEUTRAL from OUTPERFORM with target set at HK$37 from HK$42. Regarding AIA’s IPO, China Life Chairman said that the company was still undecided on whether to invest or not in the IPO, but plans to focus on bonds for investments as well as deposits in 2H. The chairman also added that China Life has no near-term financing needs.PetroChina announced a 29% increase in net profit during 1H to 65.3 billion yuan, lower than the consensus of 68.7 billion yuan. Lower results were due to the government’s controls on tariffs of gasoline and diesel even as the crude oil prices were higher. PetroChina was up 0.36% at HK$8.48.
China Resources also delivered its first-half report which showed its net profit more than tripled from a year earlier. A major factor behind the rise was a gain from the sale of its brand-fashion distribution unit. Net profit amounted to HK$4.24 billion, up from HK$1.16 billion, while revenue was up 19.8% to HK$41.98 billion from HK$35.05 billion. First-half dividend stayed unchanged at HK$0.14. The shares were unchanged by the end of the day at HK$31.55.
The third biggest lender in China, Bank of China said that its first-half net profit was up 27% as demand for loans and asset quality improved. The H-shares were settled at HK$3.96, unchanged from the previous day. Elsewhere, the BOC-Hong
Kong also reported its results for the same period. Earnings per share were at HK$0.68 per share, 7.5% higher than HK$0.6329 per share a year ago. Net profit was up 7.5% to HK$7,190 million. Interim dividend was up 40.4% to HK$0.40 per share. At the closing time, BOC-HK was at HK$20.05 or down 1.23%.In the telecommunication sector, China Telecom was upgraded to OVERWEIGHT from NEUTRAL by HSBC while its target was raised to HK$4.40 from HK$3.60. Another change in upgrades and downgrades was from Cosco Pacific which had its target raised to HK$13.80 from HK$12.50 by Credit Suisse.
Next Tuesday, ICBC plans to sell convertible bonds worth 25 billion yuan which are to be converted to its Shanghai-listed shares. In addition, 45 billion yuan is also to be raised through a rights offer in Shanghai and Hong Kong. Earlier, ICBC said that 2Q net profit was up 38% as margins widened and demand for loans and fee-based services were up. ICBC stayed unchanged compared to prior day at HK$5.59.
Wednesday, August 11, 2010
Hong Kong Review – HK Shares Slumped As China Data Hinted At Soft Landing
Hang Seng index resumed its slide to as low as 21,294.54 or down 179.06 points (-0.8%) as China’s data and overnight statement from FOMC prompted investors to book profit even further. A move by China Banking Regulatory Commission also hurt banking stocks.CBRC instructed banks to move loans to trust companies back to their balance sheet by the end of next year. This move plugs the loophole that had enabled banks to get around lending quotas. Banks sometimes make loans off their books to trust companies who later repackage the funds as wealth-management products. China Construction Bank fell 2.68%, ICBC fell 2.54%, BOC HK and BOC each fell 1.96% & 1.92%, respectively, while Bank of Communication shed 1.72%.
A flood of Chinese data hinted further easing in China’s growth. PPI was at +4.8%, slowing from June’s +6.4%, while CPI was still rising at +3.3% from June’s +2.9%, due to recent flooding that struck China, driving food prices higher. Industrial output was up 13.4% (yoy) in July, higher than consensus of +13.2% but slower than 13.7% in June. Retail sales climbed 17.9% (yoy), slower than 18.3% rise in June, and below consensus of 18.4%. Urban fixed-asset investment growth during January-July rose 24.9%, slowing down from 25.5% January-June period. The final pieces of the data, new loans and mortgage related lending fell to 533 billion yuan and 126 billion yuan. Both fell from their prior month’s data, suggesting more evidences of moderation.
HKEX released its earnings for the second quarter period which saw net profit declining 16% (yoy) as daily trading volume dropped along with its investment income. HKEX settled 2.05% lower at HK$129.10 at the end of the day.
Hutchison Whampoa, on the other hand, leapt nearly 6% after its Managing Director Canning Fok and Chief Financial Officer Frank John Sixt bought a total of 1.15 million HW shares on August 6th, a day after the company posted its first-half results. HW settled at HK$61.85.
China Overseas Land and Investment reported 1H10 net profit of HK$5.07 billion from a year earlier HK$3.04 billion. The company proposed 1H dividend of HK$0.10 up from HK$0.07 a year earlier. Its sales forecast for 2010 sales is maintained despite tightening measures from China. COLI ended down 1.45% before the results were released.
PetroChina is expected to see net profit rose by 36% (yoy) to HK$68.4 billion yuan during 1H10, according to Nomura Securities. A rise of 49% in oil price was the factor behind the forecast. The target is set at HK$13.70 with BUY rating. PetroChina closed at HK$8.77 or down 1.02%.
Esprit Holdings downgraded to Neutral from Buy by UBS; meanwhile BOC-HK launched mobile banking services.
Wednesday, August 4, 2010
Hong Kong Review – Cathay Pacific Led Gainers after Earnings Jumped
Cathay Pacific’s stock soared to HK$ 18.08 after the company announced that net profit for 1H10 jumped to HK$36.84 or an eight-fold leap. The rise was attributed to two asset sales and recovery in passenger and cargo demand. Recently, Cathay’s target was raised to HK$19.61 from HK$18.02 by Daiwa. Swire Pacific, which holds control over Cathay Pacific, went up 1.4% to HK$ 98.05. Swire itself will announce 1H10 results on strong results.
Hang Seng index gained 92.22 points or 0.43% to settle at 21,549.88. Other notable gainers were Hang Lung Properties and China Mobile. Hang Lung Properties went up as property sector is expected to gain later on rosy outlook on Swire Pacific’s earnings which are due this Thursday.
Meanwhile, HSBC was upgraded to OUTPERFORM from UNDERPERFORM at CLSA. Its target also raised by Morgan Stanley to HK$90 from HK$87. Earlier, RBS cut HSBC to HOLD from BUY. BOC Hong Kong’s target was raised from HK$19.31 to HK$21.25 by CPY but its rating was downgraded to HOLD vs. BUY.
Hang Seng index gained 92.22 points or 0.43% to settle at 21,549.88. Other notable gainers were Hang Lung Properties and China Mobile. Hang Lung Properties went up as property sector is expected to gain later on rosy outlook on Swire Pacific’s earnings which are due this Thursday.
Meanwhile, HSBC was upgraded to OUTPERFORM from UNDERPERFORM at CLSA. Its target also raised by Morgan Stanley to HK$90 from HK$87. Earlier, RBS cut HSBC to HOLD from BUY. BOC Hong Kong’s target was raised from HK$19.31 to HK$21.25 by CPY but its rating was downgraded to HOLD vs. BUY.
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