Chinese industrials are leading gains in HK/China following
forecast-beating official PMI data. The PBOC injects liquidity
for the second time this week giving markets another lift.
Here's what moving in HK/China beyond the indexes:
** Angang Steel : +4%, top gainer on the H-shares
index. Even though China's steel sector continues to
struggle, Angang has reported two successive quarters of
earnings prompting some investors to take the view that the
company is likely to outperform its peers.
** Hutch Tel : -9.7%, Weak results Hong Kong's
saturated smartphone market keeps pressure on margins. Brokers
cutting earnings forecasts.
** China Rongsheng : +8.5%, beleaguered shipbuilder
gets a reprieve after its plan to raise cash via convertible
** Shun Tak Holdings : +8.7%, acquires land in
Hengqin (island next to Macau that China has designated as a
tourism zone). Also a proxy for Macau revenue.
** Hang Lung Property : +2%, reports higher rental
income in Hong Kong but signs that malls in China are seeing
** Li & Fung : +3.5%, another bounce following U.S.
macro data but nearly 50% of lendable shares out on loan
suggests stock getting squeezed as shorts cover. Street still
cutting EPS estimates.
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