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All ChiNext stocks up on Wednesday

The ChiNext rose on Wednesday with all the 28 shares at China\’s start-up board for small and medium-sized enterprises gaining across the board.
The board, which is based in Shenzhen and started trading on October 30, 2009, is tailored to the needs of enterprises engaged in independent innovation and other enterprises with great growth potential.

Hong Kong stocks close 1.12% higher on Wednesday

Hong Kong stocks rose 236.70 points, or 1.12 percent, to close at 21,328.74 on Wednesday.

All ChiNext stocks up on Thursday

All of the 28 shares at ChiNext, China\’s start-up board for small and medium-sized enterprises were up on Thursday.
The board, which is based in Shenzhen and started trading on October 30, 2009, is tailored to the needs of enterprises engaged in independent innovation and other enterprises with great growth potential.

Chinese shares open slightly lower on Friday

Chinese shares opened slightly lower on Friday with the benchmark Shanghai Composite Index down 0.13 percent to open at 3,149.23 points.
The Shenzhen Component Index slightly dropped 0.05 percent to 13,298.86 points at the opening.

Equities edge up on robust growth prospects

The mainland\’s key index ended up 2.59 percent, partly led by China State Construction Engineering Corp on news that its parent was buying more shares in the listed unit, as institutional investors returned to the market after winding up year-end settlements.
The Shanghai Composite Index finished up 79.63 points at 3,153.41, scoring its biggest daily percentage gain this month and regaining the key 125-day moving average, now at 3,098.
The index was also boosted as prospects for China\’s economic recovery offset the negative impact of heavy new share supplies.
Cash calls for year-end settlement by institutions, including mutual funds and brokerages, had contributed to a one-month market fall of nearly 10 percent until Tuesday, although the fall was also driven by an official campaign to clamp down on excessive asset prices, including adding share supplies.
\”Institutional investors typically push share prices up in the final few trading days of the year for better year-end book value, although they also typically only trade lightly at this time of year,\” said a senior trader at a major Chinese brokerage.
Traders said they expected the market to stage a slow but steady rally for the rest of this year, adding, however, that the key index should encounter stiff resistance at the psychologically important 3,300-point level.
Hang Seng steady
Hong Kong shares rose for a third straight day yesterday aided by property plays on upbeat expectations for a government land auction next week.
Geely Auto rose to a weekly high of HK$4.3, before closing at HK$4.26, up 7.04 percent. Ford Motor said it was nearing an agreement to sell its Volvo unit to Geely, parent of Geely Auto.
The benchmark Hang Seng Index ended up 0.88 percent or 188.26 points at 21,517 in holiday-shortened trading session, its highest close in more than a week. The index ended the four-day week up 1.61 percent.
The China Enterprises Index of top locally listed mainland stocks rose 1.16 percent to 12,673.74. Market turnover increased to HK$27.55 billion ($3.55 billion), from Wednesday\’s HK$21.86 billion.
The Hong Kong market closed at midday for the Christmas holiday and will reopen on Dec 28.
\”The market was quiet and steady this morning,\” said Alfred Chan, chief dealer at Cheer Pearl Investment. \”Players took a breather after recent volatility while property stocks stayed firm ahead of a land auction.\”
Local property issues extended their advance on hopes for a strong response to an upcoming auction of two plots of land for residential purposes in Hong Kong on Monday. Market watchers expected the auction to draw keen competition among developers.
New World Development rose 1.15 percent, Wharf Holdings climbed 1.41 percent, Sun Hung Kai Properties gained 0.7 percent, and Sino Land was up 0.83 percent.
\”Despite the firmer market, participants were still cautious on concern over further Chinese government measures to tackle asset bubbles,\” Chan said. He forecast the market to be capped at around 21800 before the end of this year.
Insurers and banks advanced further, with China Construction Bank rising 1.69 percent and HSBC up 0.91 percent.

Equities decline on new share sale concerns

Equities dropped for the first time in three days, paring a weekly gain, on concern new share sales will divert money from existing equities.
Zijin Mining Group Co and China Shenhua Energy Co, the nation\’s largest producers of gold and coal, lost at least 1.3 percent as eight companies debuted in Shenzhen\’s ChiNext market for start-up companies on Friday.
Pharmaceutical firm Joincare Pharmaceutical Group Industry Co advanced as investors sought so-called safe havens that aren\’t easily affected by the economic swings.
The Shanghai Composite Index fell 12.06, or 0.4 percent, to 3141.35 at the close. It added 0.9 percent in the past five days, its first weekly gain in three weeks.
The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, declined 0.4 percent to 3424.78.
\”The market will see a fluctuating pattern until the end of the year,\” said Wu Kan, a Shanghai-based fund manager at Dazhong Insurance Co, which manages about $285 million. \”The market won\’t have a strong performance, unless the government slows down new share sales.\”
The Shanghai gauge has rallied 73 percent this year as government spending and a credit boom helped the nation\’s economy recover from its steepest slump in more than a decade. The index has dropped 1.7 percent this month as a flood of share sales diverted funds from existing equities and the government raised down payments on land purchases.
Mining stocks fall
Zijin Mining lost 1.9 percent to 9.47 yuan after rising 4.7 percent on Thursday. Shenhua fell 1.3 percent to 32.79 yuan. The stock gained 4.8 percent on Thursday.
Jiangxi Copper Co, China\’s biggest producer of the metal, lost 1.7 percent to 37.93 yuan. Zhongjin Gold Corp, the country\’s second-largest bullion producer by market value, slid 2.6 percent to 56.21 yuan.
Fresh listings
Eight companies including Jiangsu Huasheng Tianlong Photoelectric Co and Guangzhou Improve Medical Instrument Co jumped on the first day of trading in the ChiNext market for technology-heavy start-ups.
They are the second batch of companies that have been listed on the market, adding to the first 28 companies that went public at the end of October. ChiNext has less stringent rules for listing compared with the nation\’s two main exchanges.
Mainland companies have raised 194 billion yuan ($28 billion) from initial public offerings this year, 87 percent more than the whole of 2008, according to data compiled by Bloomberg, as an improving economy lures investors.
Joincare Pharmaceutical advanced 6.3 percent to 12.17 yuan, rising for a fifth day. Zhangzhou Pientzehuang Pharmaceutical Co, a manufacturer of Chinese traditional medicine, gained 3.1 percent to 39.08 yuan. A measure tracking health-care stocks gained 1.5 percent on Friday, the second biggest among the CSI 300\’s 10 industry groups.

Chinese equities edge down on Friday

Chinese equities fell slightly on Friday, led by a weak performance by the heavy weights.
The benchmark Shanghai Composite Index was down 0.38 percent, or 12.06 points, to close at 3,141.35 points.
The Shenzhen Component Index lost 0.12 percent, or 15.37 points, to close at 13,289.94 points.
Combined turnover dropped to 175.63 billion yuan (25.71 billion U.S. dollars), from 202.26 billion yuan the previous trading day.

Equities surge on hopes of better industrial earnings

The mainland\’s stocks rose to a two-week high after profits at industrial companies surpassed pre-crisis levels in the past three months and the government raised price caps for rural purchases of home appliances.
China Petroleum & Chemical Corp, Asia\’s biggest oil refiner, also known as Sinopec, gained 1.7 percent. China Shenhua Energy Co, the nation\’s largest coal producer, added 1.9 percent.
GD Midea Holding Co, China\’s second-biggest publicly traded appliance maker, climbed to a 19-month high, and Hisense Electric Co, a manufacturer of flat-panel televisions, surged to a record 5.8 percent.
\”The economic recovery is still well under way and corporate earnings are improving,\” said Larry Wan, the Shanghai-based deputy chief investment officer at KBC-Goldstate Fund Management Co, which oversees about $583 million. \”There\’s no reason to be bearish on equities.\”
The Shanghai Composite Index rose 47.43, or 1.5 percent, to 3188.79 at the close, the highest since Dec 16. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, gained 1.6 percent to 3478.43.
The index has rallied 75 percent this year as government spending and a credit boom helped the nation\’s economy recover from its steepest slump in more than a decade.
Net income for Chinese industrial companies grew 7.8 percent in the January to November period to 2.59 trillion yuan ($379 billion) from a year earlier, the statistics bureau said yesterday. Profits dropped 10.6 percent in the first eight months of the year. Premier Wen Jiabao said on Sunday that the government was wary of derailing the recovery by withdrawing stimulus measures too early.
Hang Seng drops
Hong Kong\’s Hang Seng Index fell, erasing gains, after the city\’s government sold two sites at prices that missed analysts\’ estimates.
Sino Land Co climbed 0.6 percent, paring gains of as much as 2.2 percent ahead of the sale of two plots near three sites already owned by the developer. K Wah International Holdings Ltd slid 1.7 percent. The two companies were winning bidders in yesterday\’s auction. China Resources Power Holdings Co, a mainland electricity supplier, advanced 0.8 percent after the Shanghai Securities News said China\’s 2010 energy demand may increase 3.6 percent.
\”Apart from Sino Land, which owns sites nearby and would benefit from paying a higher premium, other developers weren\’t keen on pushing up the price,\” said Conita Hung, head of equity markets at Delta Asia Securities Ltd in Hong Kong. \”Given the site is being sold at below market expectations, investors will take the chance to take their gains in developers\’ stocks.\”
The Hang Seng Index retreated 0.2 percent to close at 21480.22, reversing gains of as much as 1 percent before the auction. That halted a three-day, 2.7 percent advance of the measure, which was the only major equity benchmark in Asia to retreat yesterday.
The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies listed in Hong Kong, dropped 4.22 points, or less than 0.1 percent, to 12669.52.
Sino Land rose 0.6 percent to HK$14.74, after climbing as much as 2.2 percent.

Hong Kong stocks down 0.17%

Hong Kong stocks fell 36.28 points, or 0.17 percent to close at 21,480.22 on Monday.
The benchmark Hang Seng Index opened 0.49 percent higher in the morning and expanded the gain to 0.77 percent by midday. However the growing momentum failed to last long: the index plunged over 250 points at one points and finished trading near the day low of 21,474.11.
Turnover remained at a low level following the Christmas break, totaling 36.78 billion HK dollars (about 4.74 billion U.S. dollars).

Chinese shares up 1.5%

Chinese equities rose on Monday as the benchmark Shanghai Composite Index up 1.51 percent, or 47.43 points, to close at 3,188.79 points.
The Shenzhen Component Index gained 1.31 percent, or 174.05 points, to close at 13,463.98 points.
Combined turnover increased to 182.13 billion yuan (26.67 billion U.S. dollars), from 175.63 billion yuan on the previous trading day.