HK Retail Sales Rise, China Oil Demand Up

123jump.com Staff
30 Apr, 2008
New York City

Hong Kong retail sales in March surge 20% and in the first quarter rose 17%, lifted by a 29% surge in auto related sales. Separately China reported crude oil consumption in the first quarter rose 8% to 91.8 million tons and consumption of petrol, diesel and kerosene rose 16.5%. Crude oil production in China rose only 2.2%.

[R]6:00AM New York, 6:00PM Hong Kong - Hong Kong retail sales increase 20% in March. Crude oil and gasoline consumption in China increases in the first quarter.

Hong Kong stock indexes plummeted on profit taking ahead of the U.S. Federal Reserve interest rate decision today and the May Day holiday.

In Hong Kong trading the Hang Seng Index slipped 0.61% or 158.80 to 25,755.35, up 12.7% for the month but down 7% since the beginning of the year, and the China Enterprises Index of Hong Kong-listed mainland companies, or H shares, fell 0.47% or 67.58 at 14,230.25.

In Shanghai trading, CSI 300 Index gained 4.82% or 182.18 to 3,959.12.

Daily turnover on main-board was HK$82.6 billion from HK$88.7 billion yesterday.

Hong Kong retail sales jumps 20% in March

The People’s Daily Online reported that according to a report released by Xinhuanet that March retail sales volume in Hong Kong rose 20% to HK$22.6 billion.

The Statistics Department of Hong Kong Special Administrative Region recently announced that sales volumes of automobiles and auto parts advanced 29% year-on-year in the period under review.

In the first quarter of 2008, Hong Kong''s retail sales increased 17.5% growth in total sales and an increase of 11.6 % in total sales volume.

Analysts believe that near full employment, rising tourism and elevated consumer confidence are likely to contribute to retail sales growth.

China oil consumption increases 16.5% in the first quarter

China Petroleum and Chemical Industry Association reported that China’s apparent consumption of oil products gasoline, diesel and kerosene increased by 16.5% from a year ago to 52.73 million tons in the first quarter and crude oil consumption advanced 8% to 91.8 million tons. Xinhua news reported the statistics first.

The ""apparent consumption"" represents the sum of net imports and output and could be taken as an index for the real oil consumption excluding inventory.

In the quarter, China''s crude oil output rose by 2.2% to 46.85 million tons, while output of gasoline increased 7.0% from a year ago to 15.7 million tons and diesel grew 11.2% to 32.4 million tons.

Kerosene output increased 17.5% to 3.03 million tons.

Gainers & Losers

Financial stocks fell in Hong Kong ahead of the U.S. Fed interest rate decision. ICBC fell 0.16% to HK$6.17 despite first quarter profit rise of 77% and China Bank of Communications declined 2.1% to HK$11.22.

However, Ping An Insurance gained 2% to HK$73.95 after it reported profit rose 24% in first-quarter.

Semiconductor Manufacturing International Corp dropped 3.3% to HK$0.59 on a bigger-than-forecasted net loss in the first quarter.

Exporter Li & Fung advanced 3.7% to HK$32.25, while TCL Multimedia increased 24.6% to HK$0.405 after it reported a net profit leapt HK$168 million in the first quarter from a loss position in the comparable period a year ago.