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02:00AM
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India rating stable, even as growth slows: Moody's by Nick Godt
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MUMBAI (MarketWatch) -- Moody's Investors Service on Monday kept a stable outlook on India, saying that a number of structural negative credit metrics were already factored in its current sovereign rating, while more recent developments, including slower growth, didn't impact its medium-term outlook. "Various credit challenges -- such as weak fiscal performance, tendency towards inflation and an uncertain investment-policy environment -- have characterized the Indian economy for decades, and are already incorporated into the current Baa3 rating," the rating agency said. At the same time, Moody's said that more recent negative trends, such as lower growth, slowing investment and poor business sentiment, were "unlikely to become permanent or even medium-term features of the Indian economy."The Sensex in:1 was up 0.9% at 17,120, while the rupee stabilized near record lows, ahead of an expected announcement by the government on measures to improve investment flows.
- 12:48AM
Billabong stock slumps after capital raising ( BBG ) by Chris Oliver
HONG KONG (MarketWatch) - Shares of surfwear company Billabong International Ltd. ( au:bbg) almost halved in Monday trading in Sydney, as investors took their first chance to react to the group's annoucement last week that it would raise capital at a heavy discount. The company said it would offer an entitlement of six new shares at A$1.02 a piece for every seven held by investors, in what amounted to a 44% discount to their prevailing price ahead of the offer. About $155 million ($155.59) was raised through institutional investors participating in the offer, which reflected 79% of the total new shares. Individual investors will see their component of the offer come into action on Friday, with the combined offerings set to raise A$225. Billabong shares were at 97 Australian cents on Monday, a drop of 47% from their closing level on June 20, the final day of trade before an suspension to give time for investors to consider the offer.
Sunday, Jun 24, 2012
- 11:44PM
China retailer C.P. Lotus dives on profit warning ( 121 ) by Chris Oliver
HONG KONG (MarketWatch) -- Shares of mainland China hypermarket chain C.P. Lotus Corp. ( hk:121) ( CTAIF) dropped 3.8% in Monday morning trade in Hong Kong after the company's board announced a record loss for the January-June half, citing slowing sales, rising wage costs and costs associated with the opening of new stores. Controlled by Thai billionaire Dhanin Chearavanont, the retail group operates 54 mega-stores and competes with the likes of Wal-Mart Stores Inc. ( WMT) In a filing with the Hong Kong stock exchange Friday, the company said outside of the first-half profit warning, its "overall financial position remains sound and solid."
- 09:47PM
Hong Kong stocks drop on resource, bank sectors by V. Phani Kumar
HONG KONG (MarketWatch) -- Hong Kong shares dropped early Monday, shrugging off pre-weekend gains on Wall Street, as euro-zone debt worries and a stronger dollar weighed on sentiment. The Hang Seng Index ( HK:HSI) dropped 0.4% to 18,917.77 and the Hang Seng China Enterprises Index lost 1.2% to 9,395.70, with resource stocks and banks among those declining as mainland Chinese markets reopened on the downside after Friday's holiday. The Shanghai Composite Index ( CN:SHCOMP) fell 0.6% to 2,248.45, staying on course for a fourth straight trading day of losses. Leading the fall in Hong Kong, China Coal Energy Co. ( CCOZY) ( HK:1898) shed 2.8%, Cnooc Ltd. ( CEO) ( HK:883) dropped 2% and Aluminum Corp. of China Ltd. ( HK:2600) ( ACH) shed 1.8%. Among financials, China Construction Bank Corp. ( HK:939) ( CICHY) fell 1.2% and Ping An Insurance Group Co. ( PNGAY) ( HK:2318) fell 1.9%. Shares of Evergrande Real Estate Group Ltd. ( HK:3333) ( EGRNF) jumped 2.9%, recouping some more of last week's steep losses after several brokerages voiced skepticism over fraud allegations against Evergrande from stock-commentary website Citron.
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