Friday July 3, 02:52 AM
HK shares seen dropping on U.S. data, oil prices
HONG KONG, July 3 (Reuters) - Hong Kong shares are seen lower
on Friday, dragged down by a disappointing jobs report from the
United States which beat down Wall Street stocks on Thursday and
crushed oil and commodity prices.
News that U.S. employers shed nearly half a million jobs
last month and the unemployment rate jumped to 9.5 percent,
the highest in nearly 26 years, dampened recent hopes that the
recession might be abating. For details, see
Chinese herbal shampoo maker Bawang International (Group)
Holding Ltd will debut on the Hong Kong stock exchange after its
IPO, oversubscribed more than 400 times at the retail level,
raised $214 million. The stock was priced at HK$2.38, the top end
of an indicative range and a value of 18 times estimated earnings
for 2009.
In addition to Bawang, Chinese coal trader China Qinfa Group
which raised HK$630 million ($80.8 million) in an IPO for
investment in new production facilities will also begin trading
on Friday.
The benchmark Hang Seng Index dropped 1.1 percent on
its first trading day of the third quarter on Thursday as the
mood in the market swung from optimism over upbeat manufacturing
data to caution ahead of key U.S. jobs data.
STOCKS TO WATCH
* New lending by Chinese banks is likely to exceed 10
trillion yuan ($1.46 trillion) this year, the Shanghai Securities
News reported on Friday, even as bank regulators warned about
risks from improper loans.
Combined yuan lending by China's big four state lenders,
including Bank of China, reached 497 billion yuan in
June, with overall lending in the country exceeding 7 trillion
yuan in the first half, the newspaper said, citing unnamed
sources and authoritative institutions.
* Zijin Mining said on Friday one of
its shareholders Chen Fashu had sold 147.34 million A shares, in
Shanghai between May 25 and July 1, reducing his shareholding in
the company to 1.06 percent from 2.07 percent. It gave no details
on the price at which the shares were sold. For statement please
click
http://www.hkexnews.hk/listedco/listconews/sehk/20090703/LTN20090703012_C.pdf
* China Eastern Airlines said late on Thursday
controlling shareholder CEA Holding had bought 1.44 billion A
shares of the airline at 3.87 yuan each for 5.56 billion yuan and
had undertaken not to transfer the shares within 36 months. The A
shares are expected to be listed on July 2, 2012. For statement
please click
http://www.hkexnews.hk/listedco/listconews/sehk/20090702/LTN200907021227.pdf
* Commercial property developer SOHO China Ltd said
it had completed the issue of HK$2.8 billion worth of 3.75
percent convertible bonds due 2014 and the bonds will be listed
in Singapore on Friday. For a statement please click on
http://www.hkexnews.hk/listedco/listconews/sehk/20090702/LTN200907021204.pdf
* Melco International Development's 34.06 percent
owned associate Melco Crown Entertainment Ltd said its City of
Dreams (DRMS.OB - news) attracted about 1.2 million visitors in June, or about
41,000 visitors per day on average. Total rolling chip volume in
June amounted to US$1.94 billion. For a statement please click
http://www.hkexnews.hk/listedco/listconews/sehk/20090702/LTN200907021155.pdf
* Hunan Nonferrous Metals warned of losses in its
results for six months ended in June as the average selling price
of lead and zinc products remained low and demand for tungsten
and antimony products were unsatisfactory. It posted 190.5
million yuan profit the same period a year ago. For statement
please click
http://www.hkexnews.hk/listedco/listconews/sehk/20090702/LTN200907021129.pdf
* China Grand Forestry said it might record a loss
for the year ended in March mainly due to non-cash revaluation
losses on biological assets, a substantial increase in
attributable non-cash financial costs to be amortised, and a drop
in sales. For a statement please click
http://www.hkexnews.hk/listedco/listconews/sehk/20090702/LTN200907021107.pdf
----------------------MARKET SNAPSHOT @ 2200 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 896.42 -2.91% -26.910
USD/JPY 95.89 -0.05% -0.050
10-YR US TSY YLD 3.5023 -- 0.000
SPOT GOLD 926.9 -0.19% -1.750
US CRUDE 66.47 -0.39% -0.260
DOW JONES (news) 8280.74 -2.63% -223.32
-------------------------------------------------------------
> Bleak payrolls report mauls Wall St; volume thin
> Dollar up as jobs data raises doubts about recovery
> Bonds gain as payrolls data drives safety bid
> Gold falls as jobs data quashes inflation fear
> Oil falls nearly 4 pct on weak U.S. economy
(Reporting by Parvathy Ullatil; Editing by Jacqueline Wong)
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