News Column

Hong Kong pulls back from multiyear highs

August 26, 2014

Hong Kong stocks closed lower on Tuesday, pulling back from a six-year high the previous day.

The Nikkei 225 in Tokyo fell 92.03 points, or 0.6%, to 15,521.22. Meanwhile, the yen strengthened versus the U.S. greenback, trading at е103.889 from е104.094 a day earlier.

The Hang Seng Index in Hong Kong gave back 92.41 points, or 0.4%, to 25,074.50. The index on Monday edged up 0.2% to 25,166.91, its highest close in over six years.

Hong Kong light-rail operator MTR Corporation gave up 0.3%, after its first-half profit increased only 3%, excluding a revaluation of its investment properties.

However, state-owned energy giants PetroChina Co. Ltd. and CNOOC Ltd. both bucked the weaker market trend, as investors looked ahead to their interim results due out separately on Thursday. PetroChina advanced 2.4%, and CNOOC rose 0.7%.

Gome Electrical Appliances Holding Ltd. one of China's largest home-appliance retailers, rallied 2.9%, after announcing Monday that its first-half earnings more than doubled.

In Australia, markets inched up 0.1%, and the Australian dollar also moved higher to 93.01 U.S. cents, from 92.77 U.S. cents in the prior session.

In other markets;

The Shanghai CSI 300 index slid 18.77 points, or 0.8%, to 2,324.09

In Singapore, the Straits Times STI Index dwindled 7.26 points, or 0.2%, to 3,323.02

In Korea, the Kospi index added 7.16 points, or 0.4%, to 2,068.05

The Taiex Index in Taiwan tacked on 3.34 points to 9,393.96

In New Zealand, the NZX 50 improved 12.89 points, or 0.3%, to 5,195.63

Australia's S&P/ASX 200 regained 2.74 points, or 0.1%, to 5,637.62.

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Source: Baystreet Foreign Markets Wrap (Canada)

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