News Column

Hong Kong flat on China data

August 18, 2014

Hong Kong stocks ended flat on Monday, with property stocks suffering after downbeat Chinese housing data, while China Mobile extended a four-day winning streak.

The Nikkei 225 in Tokyo gained 4.26 points to 15,322.60, running its streak to six straight sessions. The yen traded a little weaker at 102.475 per U.S. dollar from 102.360 per U.S. dollar in the previous session.

The Hang Seng Index in Hong Kong inched up 0.52 points to 24,955.46

Most mainland property developers fell, as Hang Seng component China Resources Land Ltd. declined 1.2%, and Sino-Ocean Land Holdings Ltd. also a constituent of the index, dropped 1.1%. China Vanke Co. Ltd., the world's largest residential developer, slid 2.2%, after the company posted a 1% drop in half-year revenue.

However, index heavyweight China Mobile rose 3.2%, up for a fourth session in a row. Several investment banks have raised their price targets for China Mobile after the company reported Thursday strong 4G subscriber growth for July.


Official data showed Monday that more Chinese cities recorded price falls in both new-home and existing-home sales in July, compared with the previous month.

The Shanghai CSI 300 index gained 13.93 points, or 0.6%, to 2,374.56.

In other markets;

In Singapore, the Straits Times STI Index slipped 1.99 points to 3,312.78.

In Korea, the Kospi index returned from a long weekend to slide 10.09, or 0.5%, to 2,053.13

The Taiex Index in Taiwan tumbled 65.50 points, or 0.7%, to 9,141.33

In New Zealand, the NZX 50 moved down 6.96 points, or 0.1%, to 5,071.12

Australia's S&P/ASX 200 picked up 20.58 points, or 0.4%, to 5,587.10

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Source: Baystreet Foreign Markets Wrap (Canada)

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