Hong Kong Stocks Mixed; HSBC Rises, Hutchison, CyberWorks Fall
quote.bloomberg.com
By Yeong Choy Leng
Hong Kong, Jan. 30 (Bloomberg) -- Hong Kong's key stock index rose, led by HSBC Holdings Plc on speculation it is a likely bidder for ABN Amro Holding NV's European American Bank.
``The positive spin on sentiment for EAB is that it enhances HSBC's U.S. business,'' though any actual benefit will depend on the acquisition price, said Warren Blight, an analyst at ING Baring Securities (Hong Kong) Ltd. Expected interest-rate cuts in the U.S., Hong Kong and in Europe also boosted the stock, he said.
Leaving the market mixed, Hutchison Whampoa Ltd. fell after its unit announced a cut in monthly fees of fixed telecommunications services as part of a promotion. Pacific Century CyberWorks Ltd., Hong Kong's dominant fixed-line operator, added to losses on concern it may follow suit.
The Hang Seng Index rose 2.01, or 0.01 percent, to 16,101.83. In the broader market, 135 stocks fell, 86 rose while 501 were unchanged.
The following is a list of companies whose shares are active.
Hong Kong stocks:
HSBC Holdings Plc (5 HK ), the U.K.-based parent of the city's two largest lenders, rose HK$0.50, or 0.4 percent, to HK$121.50 on speculation it is a likely bidder for ABN Amro Holding NV's European American Bank, a 100-branch consumer-banking unit in New York City.
Hutchison Whampoa Ltd. (13 HK ), which has global telecommunications businesses, fell HK$1.50, or 1.5 percent, to HK$102. Its unit Hutchison Global Crossing announced a cut in monthly fees effective Feb. 1 as part of a promotion. Pacific Century CyberWorks Ltd. (8 HK ), Hong Kong's largest fixed- line operator, fell 10 cents, or 2.1 percent, to HK$4.675 on concern it may also cut fees.
Chinese state-owned companies, so-called H-shares, fell after HSI Services Ltd., which helps compile the Hang Seng Index, said it will exclude these stocks from the index. China Petroleum & Chemical Corp. (386 HK ), China's second-largest oil producer also known as Sinopec, fell 2 cents, or 1.7 percent, to HK$1.15. PetroChina Co. (857 HK ), the listed unit of China's largest oil company, fell 3 cents, or 2.2 percent, to HK$1.34. Separately, the stock fell as crude oil price slid 2.4 percent to $29.06 per barrel yesterday.
I-Cable Communications Ltd. (1097 HK ), Hong Kong's only cable television provider, fell 7.5 cents, or 1.6 percent, to HK$4.55. The company may lose its right to broadcast the English Premier League when its distribution contract expires by the middle of this year, Ming Pao Daily reported, citing unidentified people.
Television Broadcasts Ltd. (511 HK ), Hong Kong's dominant over-the-air broadcaster, fell 50 cents, or 1.2 percent, to HK$45.20. The company is expected to delay the spin-off of its Internet unit, TVB Multimedia, for a separate listing on the local stock market until the second quarter due to lackluster market conditions, the Hong Kong Economic Times reported, citing unidentified people. The company announced plans to spin off the unit last year. |
