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Skyrocketing STAR board drags down broader China, Hong Kong stocks

Extraordinary gains by the debutantes of Shanghai’s new technology innovation board dragged down the broader China and Hong Kong markets on Monday, as frenetic investors withdrew from the main boards to pile into the Nasdaq-style bourse.The 25 stocks that debuted on the first day of trading in the board, also known as the STAR board, recorded gains between 84 per cent and 400 per cent from their initial offering prices. The new board is part of China’s efforts to encourage more funding and… Source link

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Hong Kong stocks fall to three-week low on Chinese central bank’s broader policy easing shift concerns

Hong Kong’s benchmark index on Wednesday closed at its lowest level in three weeks on concerns about the Chinese central bank shifting away from broader easing measures to support the economy.Losses in Chinese financial stocks led the Hang Seng Index 0.53 per cent lower at 29,805.83. China Construction Bank fell 0.71 per cent to HK$6.96 and Ping An lost 1.1 per cent to HK$94.15.But gains in property developers like China Overseas Land & Investment, which rose 2.65 per cent and China Resources… Source link

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Vietnam 

A broader view on Gov’t guarantees required – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News By Võ Trí Thành* For many years, Việt Nam’s Government has been acting as a guarantor for a lot of investment projects. This has increased confidence of both lenders and investors in the implementation and success of the projects. However, experts recently argued that because public debts are rising, private companies should carry out infrastructure projects without Government guarantees. So are the Government’s sovereign guarantees necessary anymore, when the country still needs capital for infrastructure development? It is undeniable that foreign loans have contributed…

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China 

China’s service activities expanded in December despite broader economic slowdown

Growth in the Chinese service sector accelerated to a six-month high in December, according to a private gauge released on Friday, demonstrating some resilience in the world’s second largest economy. The service sector purchasing managers’ index (PMI), compiled by Markit and published by Chinese financial news outlet Caixin, rose to 53.9 in December. The measurement is well above 50.0, the point between expansion and contraction, showing services were performing strongly in the last month of 2018. The pickup in the Caixin reading, which is based on a survey of over…

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