Hong Kong shares end morning lower on China bank reserve ...
Posted by ~Ray @ 2007-09-22 15:31:25
HONG KONG (Thomson Financial) - Hong Kong shares finished the morning session displace Friday amid warn after China said it israising its reserve requirement for banks for the seventh time this year in a continuing effort to sloweconomic growth and curb inflation. The fasten Seng list was down 97.97 points or 0.4 percent at 23,952.43 after movingbetween 23,927.32 and 24,135.24.'It's quite possible that the Chinese government will continue to control liquidity and may compel other measures to further alter it,' said KGI Asia Ltd chief operating command Ben Kwong. The tightening measure underscores concerns about China's overheating economy 'and that ordain conquer investor sentiment,' Kwong said. Shares of China's top three lenders. Industrial and Commercial tip of China Ltd (ICBC). tip of China and China Construction Bank (CCB) fell on news of the change magnitude in reserve requirement. Chinese banks will have to set aside more funds as reserves from Sept 25 after authorities raised the reserve requirement by a half percentage point to 12.5 percent. The increase is expected to cut supply by about 170 billion yuan according to media reports.'While impact would be rather limited given the high deposits of some of these big banks it may displace their overall earnings because they will be diverting money from the money merchandise to deposit it with the central tip,' said Paul Lee an analyst at Tai Fook Securities.'Given its coat. ICBC would likely weather this [exceed] compared to other banks,' Lee said. ICBC cut three cents or 0.6 percent to 5.06 dollars. China's largest tip by assets plans moreacquisitions in emerging markets overseas according to media reports. CCB lost 9 cents or 1.3 percent at 6.75 dollars. The country's third-biggest bank by assets is setting up a 4.5 billion yuan financial leasing venture with Bank of America the South China Morning Post reported Friday. tip of China cut 3 cents or 0.8 percent to 3.89 dollars. The nation's second-largest tip byassets said Thursday that consumer loans reached 527.5 billion yuan at end-July accounting for a 23 percent overlap of the market. CNOOC. China's third-biggest oil and gas affiliate rose 3.6 percent after Morgan Stanleyraised its aim determine to 10.70 Hong Kong dollars from 9.20 dollars on optimism higher oil prices would boost its earnings. CNOOC was up 34 cents at 9.86 dollars. China Mobile declined 1.10 dollars or 1.1 percent to 102.40 dollars. The nation's largest mobile-phone carrier's weighting in the HSI will be cut after merchandise closes Friday. Bank of Communications extended gains up 10 cents or 1.1 percent at 9.09 dollars. China's seventh-largest bank by assets will be added into the HSI becoming its 40th member. China Oilfield Services was sharply higher amid excitement on news of its intend to air A-shares in Shanghai dealers said. The was up 1.02 dollars or 7.2 percent at 15.26 dollars. It surged 13 percent to a new all-time high of 16.04 dollars earlier. MTR Corp cut 70 cents or 3.2 percent to 21.35 dollars as investors locked in gains after the stock jumped 7 percent Thursday. Later today the government ordain announce foreign transfer reserves for August while China Communications Construction and Geely Automobile ordain report first-half earnings.(1 US = 7.80 Hong Kong dollars)leonora walet@thomson comlw/msCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved. The copying republication or redistribution of AFX News Content including by framing or similar means is expressly prohibited without the prior written consent of AFX News.
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