HK Hot Stocks: China COSCO down, properties up
HONG KONG, Nov 30 (Reuters) - Here are some stocks on the move in Hong Kong on Friday:
As of 0229 GMT, the blue-chip Hang Seng Index .HSI was up 0.3 percent, following firm Asian markets.
The index opened up 0.4 percent at 28,604.68.
STOCKS ON THE MOVE:
* China COSCO (1919.HK) slid nearly 5 percent to HK$26.95, after Singapore state investor Temasek sold shares in the shipping firm worth $274 million.
Temasek Holdings sold 80 million China COSCO shares at HK$26.75 each, a 5.6 percent discount to their Thursday closing price.
The sale was the third time the agency had trimmed its stake in Chinese companies this week [ID:nSIN9738].
* Hong Kong property developers advance further after Federal Reserve chairman Ben Bernanke suggested a U.S. interest rate cut was possible in December.
Sino Land (0083.HK) leapt 1.3 percent to HK$27.80, while Hang Lung Properties Ltd (0101.HK) leapt 3.2 percent to HK$35.50.
* Ping An Insurance (2318.HK) jumped a further 4.2 percent to HK$86.70, a day after saying it bought a 4.2 percent stake in Dutch-Belgian financial services firm Fortis (FOR.AS) for $2.7 billion.
The company also said insurance premiums earned from its motor insurance business amounted to 2.3 billion yuan ($311.6 million) for the 12-month period ended in June. here * (Reporting by Rita Chang, editing by Dominic Whiting)
