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HK Hot Stocks - SMIC soars; Lenovo, HSBC fall
HONG KONG, Nov 11, 2008 (Reuters via COMTEX) --
Hong Kong's benchmark Hang Seng Index was down
2.7 percent at 14,341.37 by 0220 GMT.
The China Enterprise Index of top locally listed mainland Chinese
companies was down 1.7 percent to 7,287.16.
Here are some of the stocks on the move in early trade.
* Semiconductor Manufacturing International Corp (SMIC) soared 58.7
percent. China's top contract chip maker, plans to sell $171.8 million worth of
new shares to Beijing-based Datang Telecom Technology & Industry Holdings Co
Ltd, raising funds to enhance its working capital position.
* Lenovo, the world's No. 4 PC maker, fell 3.7 percent after Credit
Suisse cut its earnings forecast for the company by 58 percent and 48 percent
for 2009 and 2010, respectively, due mainly to slow corporate demand. The stock
hit a nine-year low on Monday after Morgan Stanely downgraded the company.
* Europe's biggest bank HSBC lost 3.5 percent. The bank said its
third-quarter profits were up on a year ago as growth in Asia offset rising U.S.
bad debts. It took a $4.3 billion hit for bad debts in its U.S. personal finance
arm -- up $700 million from the previous quarter.
* Ping An Insurance shed 3 percent after China's No. 2 insurer said it
had no plans to go ahead with a multi-billion dollar equity issue after a
self-imposed six-month moratorium on the issue expired..
* Construction-related stocks fell after they rallied Monday on China's
plan to spend $586 billion on infrastructure and other sectors to spur growth.
Cement maker Anhui Conch fell 5 percent, China Railway Construction Corp
gave up 3.4 percent.
* Shanghai Electric Group rose 5 percent. The company said late on Monday
it had received official approval from the China Securities Regulatory
Commission regarding its A share issue and merger proposal.
* China Everbright International gained 2.5 percent. The company said it
was in talks with a unit of its controlling parent regarding the sale of
property-related assets with a view to disposing of non-core assets to focus on
its core business of environmental protection. For statement please see
http://www.hkexnews.hk/listedco/listconews/sehk/20081110/LTN20081110396.pdf
* Zhaojin Mining Industry said on Tuesday that Shanghai Fosun would sell
159 million domestic shares, or 10.91 percent, of the company to Shanghai Yuyuan
for 394.32 million yuan. Shanghai Fosun will hold 3.64 percent of the company
after the deal.
(Reporting by Jun Ebias; Editing by Jacqueline Wong) ASIA-PACIFIC STOCK
MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia.......
Hong Kong... Taiwan.... Australia/NZ....
India....... China.....
OTHER MARKETS: Wall Street ....
Gold....... Currency.
Eurostocks......
Oil ....... JP bonds.. ADR Report .....
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(jun.ebias@thomsonreuters.com; +852 2843 6537)
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