Hong Kong's benchmark, the Hang Seng Index was down 878.6 pts or 5%, at 16,803.6, while the Hang Seng China Enterprise Index, that tracks H shares, was down 596.4 pts or 6.6% at 9,013.3. The Shanghai Composite Index was down 120.1 pts or 5.2%, at 2,173.7. NIKKEI 225 Index was down 465.1 pts or 4.3%, at 10,473.1.
The Hang Seng Index closed sharply lower, following the slumps of Shanghai market today and Wall Street last Friday. Market concerns the lengthening list of banks falling victim to the credit crisis.
Stock Highlights
China Mobile (941) was down HK$4.5, at HK$72.6. HSBC (5) was down HK$2.7 at HK$120.5. China Life (2628) was down HK$1.05, at HK$27.5. ICBC (1398) was down HK$0.23 at HK$4.13. CM Bank (3968) was down HK$1.5, at HK$16.58. Petrochina (857) was down HK$0.52, at HK$7.19. Cheung Kong (1) was down HK$5.65, at HK$78.55. Sun Hung Kai (16) was down HK$3, at HK$71. China Overseas (688) was down HK$1.2 or 11.8%, at HK$9.
Company Update:
China’s life insurer, Ping An Insurance (2318) said it will charge off an investment loss of RMB15.7B from its investment in Fortis. Ping An intended to take accounting treatment on the investments in Fortis shares in the third-quarter report and to recognize the market-to-market losses of about RMB15.7B as impairment loss in the income statement. Ping An reported a RMB9.5B net profit for the 1H08. The company said its total cost invested in Fortis group amounted of RMB 23.87B, Fortis' share price had dropped almost half from level at which Ping An bought. Ping An said it will review its overseas investment strategy and risk control procedures. “The capital position and solvency margin of Ping An remain solid and sufficient. As at June 30, the insurer’s solvency margin was 348.5%. The solvency margin is expected to remain above 300%.” Ping An said. Ping An Insurance slumped HK$4, closed at HK$46.
Macau's casino revenue fell for the first time in almost three years last month given the Chinese government imposed further travel restrictions to the gambling haven, alarming growth at casinos. The latest restriction, which took effect on 1st October 2008, limits Guangdong residents visit Macau once every three months, instead of once every two months. Monthly revenue in September recorded a decrease of 3.4% YOY and 28% MOM. Shares of Macau casino operators slipped. Galaxy Entertainment Group (27) was down HK$0.16 or 10.5%, at HK$1.37, Melco Int’l Development (200) was down HK$0.18 or 9.3%, closed at HK$ 1.75. Amax (959) was down HK$0.008 or 4.5%, closed at HK$0.168. SJM (880) was down HK$0.05 or 3.1%, closed at HK$1.58.
Ngai Hing Hong (1047) posted annual results for the year ended 30 June 2008. Turnover grew to HK$1,580M, up 12.4% YOY, while net profit rose to HK$24M, up 61.6% YOY. The increases were mainly attributed by the increased sales of plastics products, cost control and declined effective tax rate. The group’s turnover and operating profit were attributable to the manufacturing and trading of plastic products. During the reviewed period, business in Hong Kong generated turnover of HK$1,173M, down 1% YOY, and segment profit of HK$22M, up 129% YOY. Business in China contributed turnover of HK$407M, up 21.9% YOY, and segment profit of $14M, down 16.1% YOY. Ngai Hing Hong advanced HK$0.015 or 5.0%, at HK$0.315.
Board Meeting Notifications:
Date: 03/10/08
BM Date | Stock Short Name | Code | Purpose | Period |
06/10/2008 | NW MOBILE | 862 | RESULTS/DIV | Y.E.30/06/08 |
08/10/2008 | FIRST SIGN INTL | 933 | RESULTS/DIV | Y.E.30/06/08 |
08/10/2008 | NWS HOLDINGS | 659 | FIN RES/DIV | Y.E.30/06/08 |
09/10/2008 | NWDS CHINA | 825 | FIN RES/DIV | Y.E.30/06/08 |
10/10/2008 | CHEUK NANG HOLD | 131 | FIN RES/DIV | Y.E.30/06/08 |
10/10/2008 | ND PAPER | 2689 | FIN RES/DIV | Y.E.30/06/08 |
13/10/2008 | APPLIED DEV | 519 | FIN RES/DIV | Y.E.30/06/08 |
13/10/2008 | CONTINENTAL H | 513 | RESULTS/FIN DIV | Y.E.30/06/08 |
13/10/2008 | NEW WORLD CHINA | 917 | FIN RES/DIV | Y.E.30/06/08 |
14/10/2008 | MAANSHAN IRON | 323 | 3RD QUARTER RES | FR01/07/08TO30/09/08 |
14/10/2008 | NEW WORLD DEV | 17 | FIN RES/DIV | Y.E.30/06/08 |
15/10/2008 | HUA YI COPPER | 559 | FIN RES/DIV | Y.E.30/06/08 |
15/10/2008 | SOLARTECH INT'L | 1166 | FIN RES/DIV | Y.E.30/06/08 |
16/10/2008 | ANHUIEXPRESSWAY | 995 | RESULTS | QTR ENDED30/09/08 |
17/10/2008 | CHINA MOTOR BUS | 26 | FIN RES/DIV | Y.E.30/06/08 |
12/11/2008 | HKEX | 388 | RESULTS | 9-MTH-ENDED30/09/08 |
12/11/2008 | TENCENT | 700 | 3RD QUARTER RES/DIV | 9-MTH-ENDED30/09/08 |
17/11/2008 | QJY MEDIA | 2366 | FIN RES | Y.E.30/09/08 |
Disclosure: Ho Tin Shing (AQW224), the author of this document declares that as of the date of the publication of this report, he does not hold an interest in HK stock 27, 200, 880, 959, 1047, 2318.
