Shanghai market edges up while while banks and property drag down the Hang Seng
Property and financial shares rallied in mainland markets but dropped in Hong Kong, pulling the two benchmark indices in opposite directions.
The Shanghai Comprehensive Index added 0.38 percent to 2853.55, with the Small and Medium Enterprises Comprehensive Index dropping 1.21 percent to 4570.96.
The Hang Seng Index dropped 2.52 percent to 21050.73, with the Growth Enterprises Index losing 1.47 percent to 648.00. The Hang Seng China Enterprises Index, representing mainland companies listed in Hong Kong retreated 3.09 percent to 12047.25.
Taiwan's TAIEX Index lost 0.71 percent to 7324.22.
Mainland-listed financial shares rose 1.56 percent on average while the Hang Sang Financial Index dropped 2.80 percent.
Industrial and Commercial Bank of China (SH:601398; HKG:1398), the world's largest lender, rose 0.81 percent in Shanghai but dropped 2.81 percent in Hong Kong. China Construction Bank (SH:601939; HKG:0939), the world's second-biggest lender, advanced 2.12 percent in Shanghai but retreated 2.96 percent in Hong Kong.
Local commercial banks were the best performers. Bank of Beijing Co. (SH:601169) surged 9.25 percent. Bank of Nanjing Co.(SH:601009) gained 7.03 percent. Bank of Ningbo Co.(sZ:0021402) advanced 5.88 percent.
HSBC (HK:0005), Europe's largest bank, lost 2.31 percent. Hang Sang Bank (HK:0011) declined 1.08 percent. The Bank of East Asia (HK:0023) retreated 2.12 percent.
Today's new listing Metallurgical Corp of China (HK:1618.HK) sank in the worst Hong Kong IPO so far this year. Shares in the company dropped 11.5 percent from their issue price to HK$5.62 as investors remained uncertain about the short-term prospects for China's steel industry.
While mainland-listed property shares gained 1.73 percent on average, the Hang Sang Property Index by comparison dropped 2.08 percent.
Sun Hung Kai Proeprties (HK:0016), Asia's largest developer, lost 1.53 percent. Y.T.Realty Group (HK:0075) plunged 8.22 percent.
On the mainland exchanges China Vanke Co.(SZ:000002), the largest mainland-listed developer, advanced 2.94 percent. Poly Real Estate Group Co. (SH:600048) gained 2.58 percent. Gemdale Co.(SH:600383), the fourth-largest , climbed 5.66 percent. Beijing Capital Development Co.(SH:600376) rose 6.31 percent.
Trading of Wuliangye Yibin Co.(SZ:000858), China's second-largest spirit producer, was suspended after Xinhua News reported it allegedly failed to properly disclose a stock investment. Other liquor shares dropped on the news.
Kweichou Moutai Co.(SH:600519), China's top spirit maker, dropped 2.16 percent. Jiuguijiu Liquor Co.(SZ:000799), lost 5.41 percent. Anhui Gujing Distillery Co.(SZ:000596) declined 2.98 percent.
JLF Investment Co.(HK:0472), which owns the Jin Liu Fu brand partly made from Yuliangye Yibin's unbottled liquor, also declined 1.06 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
