Mainland markets up slightly, as property leads Hong Kong retreat
Mainland markets rose, led by coal and agriculture shares. Hong Kong retreated slightly, as property shares plunged. The benchmark Shanghai Composite Index crept up 0.26 percent, with gainers outnumbering losers by only 453 to 408. The Shenzhen Composite Index rose 0.77 percent. Hong Kong shares ended a three-day rally falling slightly, with the Hang Seng Index slipping 0.05 percent with turnover jumping 19 percent from yesterday's HK$77.9bn to HK$95.8bn.
The China Enterprises Index, which represents top Hong Kong listed mainland Chinese stocks, dropped 1.2 percent led by a 3.2 percent drop by ICBC (HK:1398).
Taiwan's Taiex Index fell 1.42 percent.
HSBC Holdings Plc (HK:0005) soared 7 percent to a ten-month high of HK$83.10 after releasing first-half earnings ahead of analyst expectations.
Agriculture shares gained 7.5 percent on average in Shanghai today, with 16 shares jumping to the 10 percent trading cap, including Xinjiang Talimu Agriculture Development (SH:600359), Gansu Dunhuang Seed Co. (SH:600354) and Shandong Homey Aquatic Development Co. (SH:600467).
Coal shares lifted after the price of crude oil rose last night. Shanxi Guoyang New Energy Co Ltd. (SH:600348) surged to the daily limit of 10 percent. Shanxi Coking Co. (SH:600740) lifted 7.26 percent. Shenhua Energy （SH：60188，HK:1088）, China's largest coal producer, soared 6.27 percent.
Port shares continued to rise following yesterday's positive factory data. Shanghai International Port Group (SH:600018) surged 10 percent on trade recovery Nanjing Port Co. (002040) rose 5.54 percent Jiangsu Lianyungang Port Co. (SH:601008) rose 5.33 percent.
Banks dropped on expectations that the banking regulator will act to reduce the rate of lending in the second half . Bank of China Limited (HK:3988, SH:601988) dropped 2.8 percent in Hong Kong and 1.9 percent in Shanghai. Industrial & Commercial Bank of China, China's biggest lender, dropped 2.22 percent in Shanghai. Shanghai Pudong Development Bank pulled back 2.92 percent. China Construction Bank lost 1.83 percent. Bank of Communications slid 1.46 percent.
A Standard & Poors report today warned that China's property market may undergo adjustments later this year, while Shanghai Securities News reported that property transactions in major Chinese cities fell last month.
Hong Kong listed developers dropped. China Resources Land Limited (HK:1109) dropped 5.3 percent. Premium Land Limited (HK:0164) fell 4.8 percent. China Overseas Land & Investment Ltd. (HK:0688) slid 4.7 percent.
Some Shanghai listed property developers however continued to rise, including China Vanke Co., Ltd. (SZ:200002) up 2.6 percent, Poly Real Estate Group (SH:600048) up 1.42 percent and Shanghai Waigaoqiao Free Trade Zone Development Co. (SH: 900912) up 3.6 percent.
Related news
- Shenzhen up 1.1pct as brokerages support mainland markets while Hong Kong falls on real estate concerns
- Mainland and Hong Kong markets fall most in weeks
- Mainland stock mixed, pharma shares up as U.S. declares H1N1 national emergency
- China markets rise as Shenzhen launches Growth Enterprise Board and hot money starts flowing in again
- China markets slip again despite 8.9pct growth figure for third quarter
- China markets down on profit taking and crude oil drop
- China markets up as Hang Seng property index surges 5.8pct and mainland financials rise gain 2pct
