Hong Kong erases early losses to finish slightly up
The Hang Seng recovered from early falls on Monday closing 0.26 percent higher as bargain hunters looked for value buys following Friday's three-week low. The China Enterprises Index, which tracks the mainland companies listed in Hong Kong, rose 1 percent.
China today announced that its 1,000 key retailers sales rose 15 percent in the first three days of the national holiday starting October 1st on the same periods last year. Suning, a leading chain retailer of home appliances, reported a 25.8 percent increase over the three days.
China Mobile Ltd (HKG:0941, NYSE:CHL), the world's largest mobile operator, was up 1.3 percent. China Unicom (HKG:0762, NYSE: CHU), its main competitor, dropped 0.4 percent having just launched commercial operations of its nationwide 3G services.
Banking stocks fell. HSBC (HKG:0005) dropped 1 percent. Bank of China (HKG: 3988) rose 2 percent. Industrial and Commercial Bank of China (HKG:1398), the world's largest banks by market share, increased 1.4 percent. China Merchants Bank (HKG:3968) was up 1.1 percent.
Toys, property and now solar company RBI Holdings (HKG:0566) continued its gains, rising another 8.2 percent today. Shares in the company had already more than tripled on Friday
after it said it would acquire Apollo Precision, a maker of silicon-based thin film photovoltaic modules.
Chinese cement maker Anhui Conch (HKG:0914) rose 4.1 percent today as its rival China Resources Cement (HKG:1313) prepares to debut on the exchange tomorrow. The Sing Tao Daily reported today that China Resources' HK$6.39 billion IPO has been oversubscribed by 81.6 percent.
Cement manufacturers Tangshan Jidong Cement (HKG:0401) and Guangdong Tapai Group (HKG:2233) were also up 3.4 and 3.8 percent respectively.
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