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HK Hot Stocks - Chinese airlines soar; HKEx falls
HONG KONG, Nov 17, 2008 (Reuters via COMTEX) --
Hong Kong's benchmark Hang Seng Index was
steady at 13,531.61 by 0211 GMT.
The China Enterprise Index of top locally mainland Chinese companies fell
0.7 percent to 6,975.37.
Here are some of the stocks on the move:
* Chinese airlines rallied on reports they may receive cash injections
from the state.
China Southern Airlines soared 16 percent and China Eastern Airlines gained
13 percent. The state parents of the two mainland carriers may get government
cash injections of $440 million each to cope with high costs and weak demand, an
official newspaper said on Monday.
Air China surged 10 percent. The nation's flag carrier is seeking a cash
injection from the government.
* Bourse operator Hong Kong Exchanges & Clearing (HKEx) dropped 6.6
percent on concerns about its earnings outlook due to the sluggish local stock
market. HKEx last week reported lower July-Sept profit, its second quarterly
decline.
* CITIC Pacific fell 1.6 percent after the South China Morning Post
reported that the company had no immediate plans to sell assets to boost its
finances. The steel-to-property conglomerate last week was rescued by its parent
after incurring losses from foreign exchange trading.
* China Unicom fell 1 percent. The company said on Sunday a proposed
merger between China United Telecommunications Corp and China Network
Communications Group Corp would become effective in early January 2009, a move
to enhance management efficiency of the parent companies and further facilitate
integration between China Unicom and China Netcom. For statement please see
http://www.hkexnews.hk/listedco/listconews/sehk/20081116/LTN20081116019.pdf
* Wing Hang Bank fell 5.7 percent. The lender said last Friday it would
make a full provision for its exposure to HK$377 million worth of US dollars,
Euros and New Zealand dollar denominated bonds issued by two major banks in
Iceland with a post-tax impairment loss of HK$315 million.The bank said its loss
would not have any significant impact on its business. For statement please see
http://www.hkexnews.hk/listedco/listconews/sehk/20081114/LTN20081114336.pdf
(Reporting by Jun Ebias; Editing by Jonathan Hopfner) ASIA-PACIFIC STOCK
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(jun.ebias@thomsonreuters.com; +852 2843 6537)
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