Chinese property shares continue their climb following Beijing’s subtle change in tone towards the sector. Here’s what’s moving in HK/China beyond the indexes.
** China Overseas Land : +1.1%, one among a handful of shares in HK seeing relatively healthy volumes, company continues to show steady sales even as gearing declines. Ups full-year target for sales.
** Lenovo : +1.9%, busiest stock on the Hang Seng index as case builds for IBM to jettison its server business and Lenovo seen as a strong candidate to take it over. Q1 results due mid-August & could provide next leg up.
** Want Want China : -1.6%, top loser on Hang Seng index for second day, leads consumer staples sector lower. China Resources Enterprise down 1.5%.
** MGM China : -4.6%, significantly underperforms casino peers following quarterly loss.
** Lee & Man Paper : -7.4%, little respite for debt-laden paper manufacturer despite healthy first-half. Lower likelihood of price hikes in the second-half sees half the gains made from end-June wiped out in 3 days.
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