Name: SCMP
Telephone: +852-2680-8888

bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Benjamin Robertson

Ben Westcott

Hong Kong and China shares ended on Friday with slight losses after a early morning jump as the market was pulled between soaring banking stocks and a weaker US dollar.
It came after a positive week for markets in China, as optimistic macroeconomic news and the US interest rate rise saw gains across the board for Hong Kong and the mainland.
The Hang Seng Index fell slightly by the close of trading on Friday, finishing down 0.53 per cent to 21,755.56, although it had gained 1.35 per cent on the week. The H-Share index also ended down 0.33 per cent to 9,634.41.
In China, the Shanghai composite index closed Friday a miniscule 0.03 per cent off to 3,578.96. On the week though, Shanghai had risen 144.38 points or by 4.2 per cent.
The CSI300 was up slightly by 0.32 per cent to 3,767.91 while the Chinext index was down 0.19 per cent at 2,830.25.
The Shenzhen’s Composite Index slipped 0.28 per cent to close the day at 2,335.60.
Financials led the losing sectors on Friday, with industrial stocks the only bright spot. Tencent shares were the most traded stock of the day, dropping 0.2 per cent to HK$151.30.
Philip Securities director Louis Wong said the market in the mainland and Hong Kong had been divided between positive news from China and a drop in the US dollar following Japan’s surprise easing move on Friday.
“I think the declaration that the People’s Bank of China may cut again the reserve requirement ratio in the short term to mitigate the negative impact from the capital flow from the government translated into positive expectations for banking stocks,” he said.
“That was a major factor in the brief rally in the morning but because tonight it is Friday local investors tend not to own many positions over the weekend.”
Markets in the mainland and Hong Kong leapt more than a per cent at about 10.30 am on the news of the ratio cut, but dropped almost immediately afterwards.
In Japan, a surprise move by the Bank of Japan to speed up its easing programme by buying equity-traded funds, among other measures, whipsawed the Nikkei which eventually closed down 1.9 per cent at 18,986.80.
Over the course of the day, the US dollar was down almost half a cent from its high on Thursday, according to the Wall Street Journal’s dollar index, falling to 90.45 cents by 6 pm against a basket of currencies.
Meanwhile, China Vanke stocks were suspended after they rose 10 per cent on Friday, after a war of words erupted between its chairman Wang Shi and a consortium of companies. The company is China’s largest developer by sales.
It rose to 24.43 yuan in Shenzhen and in Hong Kong it rose two per cent to HK$22.9 before trading was suspended at the company’s request.
Wong said while the market would usually be quiet over the coming Christmas week, given the current volatility across the board it could be easier for shares to pick up unexpectedly. “Investors should be careful [and] also keep a close watch on the yuan and any depreciation,” he said.
In Hong Kong corporate news, Wang Kai, chief financial officer of Hong Kong-listed Sound Global has resigned, effective December 18, after a forensic accounting report found that 2 billion yuan (HK$2.39 billion) had gone missing from the Chinese water treatment firm’s accounts.
Shares in Sound Global were suspended in March after concerns were flagged by its former auditor Deloitte. In a filing on Friday, Zhang explains that the 2 billion yuan was a down payment on two potential water treatment plant acquisitions. The transactions were not properly recorded in Sound Global’s books.
“Upon the discovery of the Cash Discrepancy, Sound Group voluntarily refunded RMB2.0 billion plus
interest to the Company on 13 April 2015,” the filing said.


Hong Kong stocks end week lower as traders look for catalysts

Never mind stimulus, rebalancing is China’s real economic challenge

Hong Kong shares fall after Fed signals slower easing next year

China says executives of state firms will be judged on stock performance

China stock market

Hong Kong and China shares finish touch easier; China Vanke jumps on home price data

(151127) -- HANGZHOU, Nov. 27, 2015 (Xinhua) -- People visit a house and auto expo in Hangzhou, capital of east China's Zhejiang Province, Nov. 27, 2015. A total of 47 housing developers took part in the 4-day expo which kicked here on Friday. (Xinhua/Han Chuanhao) (wf)

Gains for mainland Chinese property developer shares helped to push China’s leading stock indexes into positive territory on Friday. In this photo, potential buyers visit a house and auto expo in Hangzhou on November 27. Photo: Xinhua

Business

Investor Relations

Stock Quote Profile

IPO Quote Profile

Commodities

Economy

Global Economy

Banking & Finance

Companies

Money

Stock Talk

Wealth

Shanghai benchmark rings up 4.2 per cent gain on the week, Hang Seng Index up 1.35 per cent for the week 


China Vanke

Update | Hong Kong and China shares finish touch easier; China Vanke jumps on home price data

Shanghai benchmark rings up 4.2 per cent gain on the week, Hang Seng Index up 1.35 per cent for the week