Hong Kong Eases; Shanghai Surges 1.5%

123jump.com Staff
25 Feb, 2010
New York City

CLP Holdings Ltd recommends final dividend. NetEase.com, Inc 2009 fourth quarter profit beats analyst estimates. China Eastern denies it may sell stake in Middle East. China Coal Energy said raw coal output surged 43.9% in January.

[R]7:00 AM Hong Kong, China – CLP Holdings Ltd recommends final dividend. NetEase.com, Inc 2009 fourth quarter profit beats analyst estimates. China Eastern denies it may sell stake in Middle East. China Coal Energy said raw coal output surged 43.9% in January.[/R]

Hang Seng index in Hong Kong decreased 68.17 or 0.33% to 20,399.57, and CSI 300 index in China higher 47.64 or 1.47% to 3,292.13.

Shanghai Movers

China State Construction Engineering Corporation Limited rose 1.1% to 4.36 yuan.

China Eastern Airlines Corporation Limited rose 4.8% to 6.77 yuan after the carrier denied a media report saying it’s seeking to sell a 20% stake to investors in the Middle East and Europe.

China Coal Energy Company Limited rose 2.0% to 11.90 yuan after the coal producer said production increased 43.9% to 10.49 million metric tons of raw coal in January, compared to 7.29 million a year ago month.

NetEase.com, Inc added 2.1% to 38.24 yuan an online games provider reported fourth quarter revenues rose 61% to Rmb 1.29 billion from Rmb 801.7 million a year ago. Net profit in the quarter fell 0.7% to Rmb 571.8 million or Rmb 4.39 per diluted share compared to net profit of Rmb 575.9 million or Rmb 4.46 per share a year ago.

TEBA Co., Ltd declined 1.5% to 21.98 yuan after the manufacturer of electrical transformers was downgraded to “neutral” from “outperform” at Credit Suisse Group AG.

HK Movers

Bank of Communications Co., Ltd rose 0.4% to HK$8.24 after the lender has proposed a dual A-shares and H-shares rights issue to raise up to RMB 42 billion in order to improve capital adequacy ratio.

CLP Holdings Limited decreased 0.2% to HK$53.35 after the power supplier reported fiscal 2009 revenues fell 6.6% to HK$50.7 billion from HK$54.3 billion a year ago. Net profit in the fiscal 2009 fell 21% to HK$8.2 billion or HK$3.41 per diluted share compared to net profit of HK$10.4 billion or HK$4.33 per share a year ago.

Keck Seng Investments (HK) Limited the real estate developer closed unchanged at HK$4.00.

Sun Hung Kai Properties Limited the developer rose 1.0% to HK$108.30.