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Hong Kong shares may return from holiday lower on China PMIs
July 2, 2013 / 1:11 AM / 4 years ago

Hong Kong shares may return from holiday lower on China PMIs

HONG KONG, July 2 (Reuters) - Hong Kong shares may return weaker from a long weekend on Tuesday after two surveys on Monday showed China’s factory sector slowed to multi-month lows.

China’s official PMI slipped to 50.1 in June from May’s 50.8, just a whisker above the 50-point level that indicates growth. A separate PMI survey, conducted by Markit and sponsored by HSBC, fell to a 9-month low of 48.2 from May’s 49.2.

Last Friday, the Hang Seng Index closed up 1.8 percent at 20,803.29 points, while the China Enterprises Index of the top Chinese listings in Hong Kong rose 1.7 percent.

Elsewhere in Asia, Japan’s Nikkei was up 1.2 percent, while South Korea’s KOSPI was up 0.3 percent at 0055 GMT.


* Gambling revenue in Macau rose 21.1 percent in June year-on-year, buoyed by a steady flow of wealthy mainland gamblers eager to place their bets in the Chinese controlled casino hub.

* China will raise the non-residential city-gate natural gas prices to a national average of 1.95 yuan ($0.32) per cubic metre from the previous 1.69 yuan, the National Development & Reform Commission said on Friday. The price hike takes effect from July 10.

* The London Metal Exchange (LME), which owned by Hong Kong Exchanges and Clearing, proposed a major overhaul of its metals storage system on Monday that, if implemented, will help soothe irate industrial clients and curb profits for banks and trade houses that own warehouses.

* Singapore state investor Temasek Holdings Ltd has increased its stake in Industrial & Commercial Bank of China to 8.07 percent for HK$580 million ($75 million), according to a Hong Kong stock exchange statement.

* China’s CITIC Securities said on Friday that it had agreed to extend by a month a deadline for a final deal to acquire French bank Credit Agricole’s CLSA Asian brokerage unit.

* Standard Chartered may take a more than $1 billion hit on its Korean business, analysts said, and will use a valuation made on Sunday to decide exactly how much to write down.

* Infant formula producer Biostime International Holdings Ltd said it would buy 20 percent of a French milk products maker Isigny Sainte Mère for 2.5 million euros and subscribe for 17.48 million bonds at a subscription price one euro each.

* Sinopharm Group Co Ltd said it would buy 80 percent of China National Pharmaceutical Group Shanxi Co Ltd from controlling shareholder Sinopharm Industrial Investment Co Ltd for 819.6 million yuan.

* Yuanda China Holdings Ltd said it expects to post a significant decline profit for six-months ended in June with the amount of the newly-awarded projects declining significantly. For statement, htp:// 0702013.pdf

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