China, HK Stocks Fall

123jump.com Staff
09 Dec, 2008
New York City

Hong Kong stocks fell after rallying on Monday. Hong Kong foreign reserves soared to $166 billion, eight largest in the world. Commodities and mining related stocks gained but financials and realty stocks declined. shippers and related stocks rose on a rise in freight price index.

[R]6:00AM New York, 6:00PM Hong Kong - Hong Kong foreign reserve assets soar US$165.9 billion at end of November.[/R]

Hong Kong stocks fell after commodity-led gains were offset by profit taking following yesterday''s rally.

In Hong Kong trading Hang Seng Index fell 1.9% or 291.65 to 14,753.22, and the China Enterprises Index of Hong Kong listed mainland shares, or H shares, shed 1.7% or 135.71 to 8,001.74. In Shanghai trading CSI 300 Index dropped 2.6% or 54.19 to 2,040.85.

Daily turnover on main board fell to HK$56.9 billion from HK$63.9 billion yesterday.

HK Reserves Rise $165.9 billion

Hong Kong Monetary Authority reported today that the official foreign exchange currency reserve assets rose to $165.9 billion at the end of November from $154.8 billion at the end of October.

Foreign currency reserve assets of $165.9 billion represent over seven times the currency in circulation or about 40% of Hong Kong dollar M3.

The foreign currency reserve assets of Hong Kong including unsettled forward contracts at the end of November 2008 stood at $166.0 billion from $155.2 billion in October.

Hong Kong is the world''s eighth largest holder of foreign currency reserves based on the latest published figures, after Mainland China, Japan, Russia, Taiwan, India, Korea and Brazil.

Chinese Companies Listed in HK Rise to 453

People''s Daily online reported today that 1,259 Chinese companies are listed on the Hong Kong Exchanges and Clearing Limited, including 453 enterprises from the mainland. The Chinese companies represent 36% of the total number of HKEx-listed companies and 55% of the total market value.

Secretary for Financial Services and the Treasury of the Government of Hong Kong Special Administrative Region Professor K.C. Chan said 16% of Hong Kong''s GDP came from the finance industry.

The number of employees in the industry accounts for 5.5% of Hong Kong''s workforce.

Total market value of the Hong Kong stock market was about HK$9.58 trillion at the end of October.

HK Luxury Home Sales Fall 34% in November

Centaline Property Agency reported today that luxury home sales dropped 34% to 92 transactions in November, while the total value of deals slid 62% to HK$2.08 billion.

Gainers & Losers

Hong Kong stocks fell on profit taking after yesterday''s rally. China Mobile gained 4.2%.
Shipping stocks however gained after the Baltic Dry Index rose 1.2% yesterday. Cosco advanced 11.8%, China Shipping Development soared 6.2% and China Merchants Holdings jumped 5.1%.

Commodity stocks rose after crude oil prices gained 7.1% to $43.71 per barrel and copper futures for March delivery edged up 9.1%.

CNOOC jumped 4.4%, China Shenhua gained 4.1% and China Coal Energy soared 8.9%.
Zijin Mining edged up 3%, Jiangxi Copper climbed 4.4 % and Angang Steel climbed 5.9%.