China Stocks Down in the Week

Mayank Mehta
22 Jan, 2010
New York City

Stocks in Shanghai and in Hong Kong fell for the week. Resource stocks declined after commodities prices fell on the worries that tighter lending will slow construction industry in the mainland. Chalco 2009 revenue nears $21 billion. Sands China Ltd starts the road show to raise $1.75 billion.

[R]9:00 PM Hong Kong, China – Stocks in Shanghai and in Hong Kong fell for the week. Resource stocks declined after commodities prices fell on the worries that tighter lending will slow construction industry in the mainland. Chalco 2009 revenue nears $21 billion. Sands China Ltd starts the road show to raise $1.75 billion.[/R]

Stocks in Shanghai and Hong Kong declined for the second day in a row as investors fear tighter bank regulations and more curbs on home purchases will slow the economy.

Hang Seng index in Hong Kong decreased 136.49 or 0.65% to 20,762.18, and CSI 300 index in China lower 42.38 or 1.24% to 3,366.20.

Banks, shipping companies and miners declined.

Citic Securities Co declined 2% and Haitong Securities fell nearly 3% on the worries that trading volumes will fall.

China Shipping Container Lines Co. dropped 1.8% to 4.99 yuan on a broker rate revision.

Other Movers

Aluminum Corporation of China Limited decreased 2.6% to HK$8.82 after the aluminum producer said on Thursday its sales revenue reached Rmb 142 billion or $21 billion in 2009.

Baoshan Iron & Steel Co., Ltd declined 3.3% to Rmb 7.87.

China Unicom (Hong Kong) Limited the telecom operator fell 1.5% to HK$9.29.

CNOOC Limited fell 2% to HK$11.60 and the offshore oil explorer has started making diesel from Jatropha in southern Hainan province, the first such project operated by a state-run company according to local media reports.

Denway Motors Limited increased 7.7% to HK$4.98.

Galaxy Entertainment Group Limited, the casino operator fell 1.2% to HK$3.20.

Lenovo Group Limited rose 4.2% to HK$5.65 after the mobile phone maker based on Google’s Android platform said recent skirmishes between China and Google will not affect its plan for the phone.

Inner Mongolia Baotou Steel Co. dropped 4.7% to Rmb 24.75 after it said annual net income in 2009 may fall between 60% and 70% on lower sales and a decline in prices.

Sands China Ltd. Rose 0.7% to HK$10.86 after the owner and operator of integrated resorts and casinos in Macau launched retail syndication of a $1.75 billion project financing on Tuesday.

SJM Holdings Limited the casino operator declined 3.1% to HK$4.06.