HK Hot Stocks: PICC dives after results, Shenhua up
HONG KONG, April 16 (Reuters) - Here are some stocks on the move in Hong Kong on Wednesday.
As of 0249 GMT, the blue-chip Hang Seng Index .HSI had risen 0.69 to 24,066.03 , tracking gains in overseas markets. Investors are keeping a close eye on Shanghai stocks .SSEC ahead of the release of Chinese economic data due later in the day. The index had opened up 0.73 percent.
The China Enterprises Index of Hong Kong-listed mainland companies .HSCE, or H shares, was up 0.64 percent after climbing 0.77 percent at the open.
STOCKS ON THE MOVE:
* Shares of PICC Property and Casualty (2328.HK) dived 10.21 percent to HK$6.86 after China's largest property insurer posted disappointing earnings for 2007 of 2.99 billion yuan ($427.7 million), lagging a consensus forecast for net profit of 4.78 billion yuan, according to Reuters Estimates.
* Shares of Shenhua Energy (1088.HK) rose 1.47 percent to HK$34.50 after the world's most valuable coal miner said it produced and sold about a fifth more of the fuel in the first quarter of 2008 to feed the world's largest market for the resource. Shenhua cranked out 44.6 million tonnes of coal, versus 37.3 million tonnes a year ago. Sales rose 22 percent to 56.7 million tonnes.
* Shares of Tsingtao Brewery Co Ltd (0168.HK) slid 2.91 percent after the brewer said a rise in its income tax rate to 33 percent for 2007 from the previous rate of 15 percent would have "relatively substantial impacts" on its 2007 annual results.
The brewer estimated its consolidated profit for the first three quarters of 2007 would be reduced by 135.23 million yuan to 560.21 million yuan after the tax adjustment, as prepared in accordance with Chinese accounting standards.
* Shares of China Insurance International Holdings Co (0966.HK) gained 1.23 percent to HK$18.08 after it said the accumulated premium income of its subsidiary Tai Ping Life Insurance amounted to 6.16 billion yuan for the first quarter of 2008.
* Shares of SMIC (0981.HK), which surged 42 percent on Tuesday, fell 5.8 percent after the chipmaker said it knew of no reason for the share price surge and was in no discloseable talks related to acquisitions, amid persistent talk the firm is close to securing a major investor to tide the struggling firm through an expected downturn in the global chip sector.
* Shares of Huaneng Power International (0902.HK) fell 2.62 percent to HK$5.21 after Citi downgraded Huaneng to sell from buy ahead of its expected poor first-quarter results. Citi said cost pressures remained, while tariffs would not be hiked soon.
* Stock of COSCO Pacific (1199.HK) fell 4.45 percent to HK$13.30. An institutional investor of COSCO Pacific was selling $96 million worth of shares at up to a 6 percent discount to the firm's Tuesday closing price, according to a term sheet obtained by Reuters.
* Airline stocks remained under pressure as crude oil prices hit a record high of $114. China Eastern Airlines Corp (0670.HK) fell 1.86 percent to HK$3.16, and Cathay Pacific (0293.HK) was down 0.64 percent to HK$15.60. (US$1=HK$7.8) (Reporting by Donny Kwok; Editing by Anne Marie Roantree)
