Hong Kong, E-finet (12/3) -- Hong
Kong shares ended lower Tuesday on weakness in China stocks as investor
confidence in China's economic recovery waned.
The blue-chip
Hang Seng Index fell 200.22 points, or 0.9%, to 22890.60. Volume was
69.14 billion Hong Kong dollars (US$8.91 billion)--up from HK$59.03
billion on Monday.
'Confidence in China's growth recovery has
taken a setback after the latest economic data,' Sun Hung Kai Financial
wealth-management strategist Daniel So said. February data out over the
weekend showed growth undershot expectations and inflation ticked up.
'There
is a lot of wait and see going on. Investors are eyeing blue-chip
results for trading cues; waiting for the conclusion of the National
People's Congress on [March 17] for some policy clarity. For this week
the HSI may be trapped between its 100-day and 50-day moving averages,'
Mr. So added. That is about 22,500 points and 23,200, respectively.
Hong
Kong railway operator MTR Corp. fell 2.3% to HK$31.95 after reporting
2012 underlying profit declined 6.6% on year to HK$9.78 billion. A
near-term overhang for the stock is a fare review expected by the end of
March.
New World Development rose 0.9% to HK$14.20. It is expected to spin off its hospitality assets.
Oi
Wah Pawnshop Credit rose 33.7% to HK$1.31 on its trading debut. The
initial public offering attracted interest because of the novelty
factor. Its 100 million-share offering was oversubscribed more than
1,000 times.
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