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<H Shrs>HSI Dives 656 Pts at Midday; Developers, Airlines, Local Financials Weak; CNOOC Up 7%
Recommend 2 Positive 5 Negative 7 |
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Owing to production cuts in multiple Mideast countries, oil prices shattered above USD110/ bbl, heaping pressure on global stock markets, including Hong Kong bourse. The HSI closed midday down 656 points or 2.6% at 25,101; the HSCEI dropped 157 points or 1.8% to 8,470; and the HSTECH fell 115 points or 2.3% to 4,832. The total midday market turnover was HKD219.339 billion. Among oils, PETROCHINA (00857.HK) and CNOOC (00883.HK) leaped 3.6% and 7%, respectively. KUNLUN ENERGY (00135.HK) and SINOPEC CORP (00386.HK) each fell off 4%. In commodity stocks, CHI SILVER GP (00815.HK) and ZIJIN MINING (02899.HK) tumbled 7% and 5.1%. CMOC (03993.HK), JIANGXI COPPER (00358.HK), and MMG (01208.HK) shed 5.4-6.8%. Energy transportation stock COSCO SHIP ENGY (01138.HK) plunged 7.9%. Coal miners CHINA SHENHUA (01088.HK) and YANKUANG ENERGY (01171.HK) surged 4.5% and 6.3%. Airlines plummeted, with CHINA SOUTH AIR (01055.HK) and CATHAY PAC AIR (00293.HK) down 5.5% and 6%; CHINA EAST AIR (00670.HK) and AIR CHINA (00753.HK) down 7.1% and 7.8%. Financials came under pressure, with HSBC HOLDINGS (00005.HK) and HKEX (00388.HK) slipping 3.6% and 2.6%; AIA (01299.HK) and STANCHART (02888.HK) diving 5.5%; BOC HONG KONG (02388.HK) sagging 4.1%. Chinese insurers PING AN (02318.HK) and CPIC (02601.HK) stumbled 5% and 4.5%. CHINA LIFE (02628.HK) cratered 3.5%. Inflation concerns eroded rate cut expectations, with local property developers SHK PPT (00016.HK), HANG LUNG PPT (00101.HK), and SWIREPROPERTIES (01972.HK) plummeting 6.1-6.5%; HENDERSON LAND (00012.HK) and NEW WORLD DEV (00017.HK) sliding 4.9% and 4.5%. CKH HOLDINGS (00001.HK)'s PPC filed international arbitration against the Panamanian government, seeking at least USD2 billion in damages, causing its stock price to slump 5.4%. Commodity stocks declined, with CITIC (00267.HK) down 5.6%. For techs, TENCENT (00700.HK) and JD-SW (09618.HK) dipped 1.6% and 2.4%. MEITUAN-W (03690.HK) added 0.1%. KUAISHOU-W (01024.HK), BIDU-SW (09888.HK), BABA-W (09988.HK), NTES-S (09999.HK), and BILIBILI-W (09626.HK) cascaded 3.7-4.8%. AASTOCKS Financial News Website: www.aastocks.com |
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