Quamnet: Evening Wrap: Run Away! The Typhoon's Coming! Beware of Utor! Ha ha ha!
Jul 05, 2001 - 18:40:53 HKT
QuamResearch
But this monster storm -- bigger than the one that wiped out the dinosaurs -- with a comic book-like super-villain name waited for after the market close, and the end of the work day, so it perhaps it will disrupt only mid-week evening parties, so yes, we'll probably all have to be at work tomorrow unless the thing decides to hang around on top of the territory for a really long time.
With the U.S. quiet while the nation celebrated Independence Day, Hong Kong had little happening to move the market seriously. The HSI did fall a rather large 208.05 points, 1.58%, to 12,999.48, but turnover was just HK$7.945 billion. The market held up for the morning session before sinking in the afternoon alongside barometer measurements.
Properties
Properties slid back with Cheung Kong (1), down $1.75 to $83, and Wheelock (20), down 15 cents to $6.30, the biggest percentage losers in the sub-index. Henderson (12) fell $0.20 to $35.60, and SHK (16) fell $1 to $71.
There was not a tremendous amount of news to drive the sector, but the Land Registry did release June sale and purchase agreement figures. The government office received 7,503 sale and purchase agreements for registration in June, 2.1% increase over May but a 54% increase over June of last year.
The numbers are certainly starting to pick up, it appears, and one might not see the buyers' market exist to this degree for much longer. The total consideration of the June agreements was HK$16.5 billion, up 13.9% over May and 40.5% over June 2000. If you're thinking of buying a flat or considering getting into property shares, of course you could continue to wait, but you're increasing the chances of missing the boat.
Banks / Financials
The banks also declined. HSBC (5) fell $1.50 to $91, Hang Seng Bank (11) lost 25 cents to $84, and BEA (23) declined 10 cents to $18.10.
Some of the second-tier banks lost more on worries that interest-rate deregulation would have a larger negative impact on their bottom lines than the larger players. IBA (636) fell 7.5 cents to $2.40 and HKCB (655) lost 12.5 cents to $3.475, for 3.03% and 3.5% declines respectively.
Comm. & Industrial
China Mobile (941) dropped $1 and Unicom (762) 10 cents to $40.80 and $13.90 respectively.
PCCW (8) lost 5 cents or 2.06% to $2.375 after having dropped as low at $2.30 during the day. The company announced its HKT unit received investment grade ratings, and it looks like cheaper debt is on the way as the company tries to lock in some lower interest rates. Meanwhile, some in the investment community are believing that the company's plans to cut staff and expenses are sufficient, though less than desirable, to help stabilize operations and perhaps allow the firm to rebuild. We maintain our opinion on the stock. It could very well turn out to be a great speculative punt, but that's a different thing entirely from investment, and so we will refrain from a positive recommendation until there is ample proof of serious business building. That could take a while.
Hutch (13) dropped $2 to $77.75. This is a Li stock with some staying power, and the ports activity is making us wonder what their plans are. There could, of course, be some more potential downside, but the price looks right.
China Plays
It surely was not a good day for China punters. Of the 46 red chips, 43 were down and two were flat. Of the 54 H shares, each and every one lost ground. At least the percentage falls were not that bad:
H-Shares Close
Chng
%Chng
ANHUI CONCH (914) 2.080
-0.170
-7.78%
KUNMING MACHINE (300) 3.550
-0.250
-6.58%
CATIC SHENZHEN (161) 1.710
-0.120
-6.56%
JILIN CHANGLONG (8049) 1.310
-0.080
-5.76%
SHANDONG XINHUA (719) 3.020
-0.180
-5.47%
Red Chips Close
Chng
%Chng
ONFEM HOLDINGS (230) 0.430
-0.040
-8.51%
GUANGNAN (HOLD) (1203) 0.210
-0.020
-8.44%
STONE ELECTRON (409) 1.220
-0.090
-6.87%
ORIENTAL METALS (1208) 0.410
-0.030
-6.82%
DENWAY MOTORS (203) 2.700
-0.170
-6.09%
Results Announcements for Main Board
5-Jul
BOSSINI INT'L 592 Y.E.31/03/01 -- FIN
5-Jul
CAFE DE CORAL H 341 Y.E.31/03/01 -- FIN
5-Jul
CHINA MOTION 989 Y.E.31/03/01 -- FIN
5-Jul
MING PAO ENT 685 Y.E.31/03/01 -- FIN
5-Jul
TAI FOOK SEC 665 Y.E.31/03/01 -- FIN
6-Jul
HSIN CHONG CONS 404 Y.E.31/03/01 -- FIN
6-Jul
KINGMAKER 1170 Y.E.31/03/01 -- FIN
6-Jul
NGAI LIK IND 332 Y.E.31/03/01 -- FIN
6-Jul
TERMBRAY IND 93 Y.E.31/03/01 -- FIN
6-Jul
WANG ON GROUP 1222 Y.E.31/03/01 -- FIN
10-Jul
ASSO INT HOTELS 105 Y.E.31/03/01 -- FIN
10-Jul
CHEVALIER CONS 579 Y.E.31/03/01 -- FIN
10-Jul
CHEVALIER INT'L 25 Y.E.31/03/01 -- FIN
10-Jul
CHEVALIER ITECH 508 Y.E.31/03/01 -- FIN
10-Jul
HUNG HING PRINT 450 Y.E.31/03/01 -- FIN
10-Jul
I-WOOD INT'L 162 Y.E.31/03/01 -- FIN
10-Jul
PAC CHALLENGE 166 Y.E.31/03/01 -- FIN
10-Jul
TIAN TECK LAND 266 Y.E.31/03/01 -- FIN
10-Jul
VAN SHUNG CHONG 1001 Y.E.31/03/01 -- FIN
11-Jul
INTERCHINA HOLD 202 Y.E.31/03/01 -- FIN
11-Jul
VICTORY CITY 539 Y.E.31/03/01 -- FIN
12-Jul
ALCO HOLDINGS 328 Y.E.31/03/01 -- FIN
12-Jul
FAIRWOOD HOLD 52 Y.E.31/03/01 -- FIN
12-Jul
GOLDEN RES DEV 677 Y.E.31/03/01 -- FIN
12-Jul
HK CATERING MGT 668 Y.E.31/03/01 -- FIN
12-Jul
NEW WORLD CYBER 276 Y.E.31/03/01 -- FIN
12-Jul
SAINT HONORE 192 Y.E.31/03/01 -- FIN
12-Jul
STYLAND HOLD 211 Y.E.31/03/01 -- FIN
12-Jul
TUNGTEX (HOLD) 518 Y.E.31/03/01 -- FIN
12-Jul
VITASOY INT'L 345 Y.E.31/03/01 -- FIN
13-Jul
ABC COM (HOLD) 30 Y.E.31/03/01 -- FIN
13-Jul
ASIA ORIENT 214 Y.E.31/03/01 -- FIN
13-Jul
ASIA STANDARD 129 Y.E.31/03/01 -- FIN
13-Jul
ASIA STD HOTEL 292 Y.E.31/03/01 -- FIN
13-Jul
CHINA CYBER 298 Y.E.31/03/01 -- FIN
13-Jul
FE HOTELS 37 Y.E.31/03/01 -- FIN
13-Jul
GLOBAL FOOD 970 Y.E.31/03/01 -- FIN
13-Jul
KING FOOK HOLD 280 Y.E.31/03/01 -- FIN
13-Jul
MAGICIAN IND 526 Y.E.31/03/01 -- FIN
13-Jul
SAFETY GODOWN 237 Y.E.31/03/01 -- FIN
13-Jul
WAH HA REALTY 278 Y.E.31/03/01 -- FIN
16-Jul
HERALD HOLD 114 Y.E.31/03/01 -- FIN
17-Jul
GOLD-FACE HOLD 396 Y.E.31/03/01 -- FIN
17-Jul
YAU LEE HOLD 406 Y.E.31/03/01 -- FIN
18-Jul
ORIENTAL WATCH 398 Y.E.31/03/01 -- FIN
19-Jul
B-TECH (HOLD) 412 Y.E.31/03/01 -- FIN
19-Jul
DAIWA ASSOCIATE 1037 Y.E.31/03/01 -- FIN
20-Jul
ASIA COMM HOLD 104 Y.E.31/03/01 -- FIN
6-Aug
HANG SENG BANK 11 6-MTH-ENDED30/06/01 -- INT
6-Aug
HSBC HOLDINGS 5 6-MTH-ENDED30/06/01 -- INT
8-Aug
CATHAY PAC AIR 293 6-MTH-ENDED30/06/01 -- INT
8-Aug
DAH SING 440 Y.E.31/12/01 -- INT
9-Aug
SWIRE PACIFIC A 19 6-MTH-ENDED30/06/01 -- INT
9-Aug
SWIRE PACIFIC B 87 6-MTH-ENDED30/06/01 -- INT
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