GCL-Ploy Drops in HK; Banks Fall

Mayank Mehta
18 Mar, 2010
New York City

The benchmark indexes in Shanghai and Hong Kong closed lower on the euro zone worries. Media broadcasters closed higher after China is looking to approve integrated services. China Mobile 2009 net increased 2%. GCL-Poly declined after it reported a loss and did not issue dividend.

[R]6:00 AM Hong Kong, China – The benchmark indexes in Shanghai and Hong Kong closed lower on the euro zone worries. Media broadcasters closed higher after China is looking to approve integrated services. China Mobile 2009 net increased 2%. GCL-Poly declined after it reported a loss and did not issue dividend.[/R]

The benchmark indexes in Shanghai and Hong Kong closed lower on the worries that Greece may have to turn to International Monetary Fund and European leaders are not likely to offer financial assistance.

Hang Seng index in Hong Kong decreased 53.82 or 0.25% to 21,330.67, and CSI 300 index in China lower 6.36 or 0.19% to 3,267.56.

Banks closed lower on the worries of rising loan defaults in China and telecom and media broadcasters closed higher.

Shanghai Movers

Beijing Gehua CATV Network Co., Ltd. rose 1.9% to 15.49 yuan after China began trials to integrate Internet, telecom and television serices.

China Construction Bank Corporation fell 0.8% to 5.56 yuan and the company will extend a 28 billion yuan or $4 billion credit line to Dragon Power Group Co. to finance a plan by the biomass-based electricity generator to build 100 power plants over the next five years, Dragon Power said.

China Mobile Limited rose 1.2% to 76.45 yuan after the mobile operator said 2009 sales rose 10% to 452.1 billion yuan from 411.8 billion yuan a year ago. Net profit in the year rose 2% to 115.2 billion yuan or 5.67 yuan per diluted share compared to net profit of Rmb 112.6 billion or Rmb 5.53 per share a year ago.

Insigma Technology Co., Ltd the manufacturer of Internet access and computer networking equipment surged 10% to 7.98 yuan.

China Vanke Co. increased 1.1% to 9.54 yuan.

Poly Real Estate Group Co., Ltd rose 1.3% to 20.68 yuan and the company acquired two land plots in Beijing for 5 billion yuan according to the Web site Caing.com.

SAIC Motor Corporation Limited dropped 1.1% to 20.22 yuan and the company starts production at Nanjing location.

HK Movers

Dongfeng Motor Group Company Limited the automaker increased 8.2% to HK$13.14.

GCL-Poly Energy Holdings Limited fell 2.0% to HK$1.93 after the power producer did not to recommend dividend and reported 2009 loss on a charge related to acquisition. The company in its solar venture farm of $500 million with sovereign wealth fund CIC to generate 12% return or more.

Industrial and Commercial Bank of China Limited added 0.3% to HK$5.91.

Yue Yuen Industrial (Holdings) Limited an athletic footwear maker fell 0.4% to HK$23.95.