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Consumer stocks lift China and Hong Kong’s markets to close higher, reversing the declines during a tumultuous week

Consumer stocks lifted Chinese and Hong Kong indexes on Friday, as investors are betting that the Chinese government will dip into its coffers to provide financial stimulus to keep the economy growing.Hong Kong’s Hang Seng Index rose 0.9 per cent to close at 25,734.22 on Friday. The gauge fell 0.8 per cent during the week, the fourth week of declines, weighed down by lacklustre corporate earnings and the impact of escalating protests that earlier brought the city’s airport to a standstill for… Source link

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Hong Kong’s banks say they have adequate cash to meet demand, even as calls circulate online for protesters to empty out ATMs

Hong Kong’s biggest banks said they have enough currency notes on hand to handle any extraordinary increase in demand for cash, as calls circulated online for protesters to empty out automated teller machines (ATMs) to disrupt the banking system in Asia’s financial hub. HSBC, the largest of the city’s three currency-issuing banks, said it “has sufficient supply of banknotes and is committed to supporting its customers and the smooth operation of the financial system in Hong Kong,” according to… Source link

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Hong Kong’s exchange operator posts record first-half earnings as global funds follow MSCI’s weightings into China’s stocks

Hong Kong Exchanges & Clearing Limited (HKEX) reported its best interim profit on record as more global funds used the city’s cross-border investment channel to invest in Chinese stocks, after MSCI quadrupled the representation of China’s A shares in its benchmarks.Revenue rose 5 per cent to HK$8.58 billion (US$1.1 billion) in the first half, while net profit increased 3 per cent to HK$5.2 billion, the highest since the bourse was established in 2000. Second-quarter profit advanced 5 per cent… Source link

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Higher deposit for land sales will add pressure on small firms, tightening the big developers’ grip on Hong Kong’s land supply

The recent move by Hong Kong’s government to double the deposit for land tender sales, raised to deter defaults, will add to the financing pressure on small developers and put them at a disadvantage when they buy land in the world’s most expensive property market, analysts said.A HK$50 million (US$6.4 million) deposit now applies on all land parcels that are valued at over HK$400 million, while plots assessed at between HK$200 million and less than HK$300 million requires a non-refundable… Source link

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Hong Kong’s stock market has a midsummer’s nightmare as fundraising dries up in worsening trade war and street mayhem

Hong Kong’s stock market is going through its worst summer since 2012, as fundraising activity dwindled to a single initial public offering (IPO) in August, while a worsening US-China trade war and deteriorating civic unrest weighed on sentiments.The number of companies seeking to raise capital this year fell by a third to 88 IPOs, with proceeds plunging by 55.9 per cent to US$10.82 billion, from the same period in 2018, according to Refinitiv’s data. July’s listings halved to 15 companies,… Source link

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Hang Seng Index drops to lowest level since January as a second day of disruptions at Hong Kong’s airport roil sentiments

Hong Kong’s benchmark stock index plunged to its lowest level since January, as weak corporate earnings resulting from the year-long US-China trade war took their toll, while a second day of disruptions at the city’s airport weighed on sentiments.The Hang Seng Index closed 2.1 per cent down at 25,291.28, hitting its lowest level since January 3. Smartphone parts maker Sunny Optical Technology was the sole gainer out of the 50 component stocks on the index, closing 0.5 per cent higher at HK$86… Source link

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Hong Kong’s financial watchdog reports quarterly loss amid slump in trading turnover, damper on levy income

Hong Kong’s Securities and Futures Commission (SFC) reported a loss for the second quarter, as shrinking stock market turnover dampened levy income for the market watchdog.The SFC lost HK$52.69 million (US$6.63 million) for the three months to the end of June, its first quarter for the new financial year, compared with a gain of HK$7.34 million during the same quarter a year earlier.The loss was mainly due to a 12 per cent year-on-year decline in levy income collected from investors on stock… Source link

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Sun Hung Kai, MTR defer sale of 1,172-flat Cullinan West III project as Hong Kong’s protest rallies take their toll on market mood

Hong Kong’s biggest residential property developer is postponing the sale of its next mega project, in the latest sign that nine weeks of public unrest and almost daily clashes between police with protesters are taking an ever-bigger toll on consumer sentiment.Sun Hung Kai Properties (SHKP) and MTR Corporation would offer the 1,172 flats at the Cullinan West III project atop the Nam Cheong subway station upon their completion, said David Tang, the property director of the project’s joint… Source link

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Donald Trump’s war on climate science, Brexit and Hong Kong’s housing disaster are what happens when governments disregard evidence

After Donald Trump’s election as president in November 2016, Columbia Law School’s “Silencing Science Tracker” began compiling reports of federal, state, and local government efforts to suppress scientific research, and has documented hundreds of such incidents, largely the suppression of information about climate change. Photo: Greenpeace Source link

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Hong Kong’s insurance sales to mainland Chinese policy holders plunge as daily images of mayhem and protest rallies deter arrivals

Hong Kong’s insurance sales have taken a hit in the past two months, as almost daily street protests – particularly in districts frequented by mainland Chinese visitors such as Tsim Sha Tsui and Mong Kok – have kept them away.Policy sales have fallen by between 10 per cent and 20 per cent since June, according to Altruist Financial Group, which provides financial planning services in Hong Kong.“Insurance sales are down with locals buying less, and mainland visitors are also buying less,” said… Source link

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