Market Open: Hong Kong stocks seen lower on China pessimism
Hong Kong stocks are tipped to open lower, with investors less hopeful of any monetary easing by Chinese policy makers before the Communist Party's crucial 18th Congress, scheduled to start in Beijing on November 8.
Hong Kong stocks are tipped to open lower, with investors less hopeful of any monetary easing by Chinese policy makers before the Communist Party's crucial 18th Congress, scheduled to start in Beijing on November 8.
Overnight, the Standard & Poor's 500-stock index closed down 8.92 points, or 0.62 per cent, to close at 1,432.56. The Nasdaq Composite lost 13.24 points, or 0.43 per cent, to 3,051.78. In London, the FTSE-100 Index lost 33.54 points, or 0.58 per cent, to end at 5,776.71.
Hot Stocks of the Day:
Auto shares
Car sales have fallen for the first time since January. Total vehicle sales fell 1.8 per cent in September to 1.62 million units from a year earlier, according to the China Association of Automobile Manufacturers (CAAM).
Shanghai Tonva Petrochemical (1103.HK)
The company has applied to Chinese regulators to issue up to 234 million A shares with a nominal value of 1 yuan apiece, representing approximately 20 per cent of the entire issued share capital of the firm.
Media Asia Group (8075.HK)
The company said it is expected to record a "significant loss" as compared to the net profit of approximately HK$985,000 for the four months ended July 31, 2011.
Inner Mongolia Yitai Coal (3948.HK)
The developer has obtained approval to develop a coal mine with annual production of around 6 million tonnes. The total investment will amount to approximately 2.13 billion yuan, with about 70 per cent coming from bank loans and Inner Mongolia Yitai Coal funding the rest.
China Mobile (0941.HK)
The firm plans to spend 180 billion yuan on construction of a nationwide fourth-generation(4G) mobile network, Economic Information reported. It will require a total investment of at least 500 billion yuan, the report said.
AIA Group (1299.HK)
The insurer has agreed to buy ING's Malaysian insurance unit and will likely pay up to US$1.7 billion, Reuters reported, citing unnamed sources. The deal may be announced as early as today, it said.
China State Construction International Holdings (3311.HK)
The company said its new contract sales grew 30.55 per cent to 33.67 billion yuan from January to September, equal to 96.2 per cent of the developer's full year target.
