Hong Kong stocks plunged 384.99 points, or 1.39 percent, to
close at 27,230.86 on Thursday on rumors about share placement by
property giant Cheung Kong's shareholders.
Turnover rose slightly to 123 billion HK dollars (15.8 billion
U.S. dollars) from 120 billion on Wednesday. H-share index also
fell 111 points at 16,027.
Cheung Kong fell 3 percent to 141.5 HK dollars while other
property stocks also dipped. SHKP was down 3.5 to 166.7 HK dollars,
New World and Sino Land slipped 2.2 percent and 4 percent to 28.85
HK dollars and 28.2 HK dollars, respectively
Mainland energy stocks came under pressure comprehensively on
the decision of China's State Council that the prices of oil,
natural gas and power could not be adjusted while those of such
fertilizers as urea and phosphatic manure could be adjusted
according to the cost rises.
China Res Power, China Power, Huaneng Power, Beijing Datang and
Huadian Power dived 4.09 percent to 8.32 percent. Sinopec Corp was
sharply down 6.44 percent, PetroChina down 1.97 percent, while
CNOOC up 1.58 percent against the downtrend.
Coal stocks close mixed. China Coal down 0.19 percent after
rises, China Shenhua up 1.18 percent and Yanzhou Coal up 3.92
percent.
Gold Stocks weakened. Zijin Mining and Zhaojin Gold Mining
dipped 1.37 percent and 0.37 percent. Capitals flowed to other
commodities, with Jiangxi Copper, HNC, CMOC and Xinxin Mining up
0.66 percent to 2.92 percent.
On steel stocks front, Shougang Int'l surged 11.29 percent on
upbeat comment by Macquarie. Maanshan Iron was down 1.37 percent,
Angang Newsteel down 0.69 percent, and Chongqing Iron up 2.91
percent.
On Chinese telecom stocks front, China Mobile was down 1.1
percent, with others speculated for restructuring suddenly. China
Unicom up 7.22 percent, Netcom up 3.3 percent, and China Telecom up
6.06 percent.
The six mainland banks moved individually. CM Bank that issued a
profit estimate put on another 0.94 percent. ICBC, CCB, Bank of
China, Bankcomm and CITIC Bank lost 0.37 percent to 1.34
percent.
Local banks were mostly down. HSBC was down 1.25 percent, Hang
Seng Bank down 1.78 percent, Bank of East Asia down 0.79 percent,
and StanChart down 1.13 percent, but BOC HK was up 1.56 percent
Despite emerging global economic risks and the fluctuations of the
market, Hong Kong investors remain confident about the local
market, according to the latest JF Asset Management Investor
Confidence Index finds.
The survey shows a slight decline in confidence since the third
quarter last year but still fairly confident overall.
"The index shows that investors in Hong Kong have only been
affected to a limited extent by the uncertainties pervading global
equity, credit and structured product markets," says Edwin Chan,
JF's head of institutional and pension business.
A little more than half of investors polled said they plan to
take an aggressive stance over the next six months.
(Xinhua News Agency January 11, 2008)
