HONG KONG STOCKS Summary 1995-08-02
S.L. Lee
HONG KONG STOCKS
Abridged Summary Report
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HONG KONG STOCKS - Summary Report 1995-08-02
Roller Coaster ride: Index closed 9410 up 25
Last night some more US economic figures were released. The National
Association of Purchasing Management announced that its manufacturing
index rose to 50.5% last month from 45.7% in June. The Construction
spending also rose a larger than expected 0.9% in June that is the first
increase in 3 months. These figures all suggest that the hope for a rate
cut will be further remote. Following the proposed merging of Walt Disney
with Capital Cities ABC, Westinghouse is buying CBS. The US market once
dropped for more than 40 points last night, but still managed to close at
4703 (-8). The London Reference index for the HK stocks closed at 9353
(-31).
As influenced by the bad overseas market performance, the HK market today
low opened at 9360 (-25) and continued to slip to the 9300 level within
the first 30 minutes. After some brief struggling at this level for a
while, the market continued to drop slightly further to 9286 (-99). The
market then gradually recovered. The morning market closed at 9330 (-55),
with a half-day turnover of 1520 mil.
The market continued to recover in the afternoon. In the last 30 minutes
more institutional buyers appeared the market was finally pushed to a
high close at 9410 (+25), with the total turnover increased to of 2612 mil.
Market News (Details by subscription)
(1) Today the Japanese financial minister announced that they will try
their best to facilitate the foreign investors to invest in the Japanese
market. With this good news, the Japanese market have a big rally today,
closed at 16,720 (+362) which is equivalent to a rise of 2.21%. The US
dollar also marked a new high today, once touched a rate of 1 US$ to 90
Yen in the currency market. This is a new high from March this year.
(2) Early in the afternoon, there was a number of rumors centering around
the Hang Seng Bank. The first rumor is that the bank will sell some of
its share to some Chinese parties; the second rumor is is that the bank
will release the condition of housing mortgage. The fact is
released: Hang Seng Bank announced that they have been just approved to
open a new branch office in Guangzhou. They emphasized that this is a
branch office but not an agent office. They planned to invest 0.1 bil.
RMB in this new branch which will be operating at this year end. The
intended business includes commercial financing, retail banking, housing
mortgage and also credit card operation. This good news triggered the
big rebound this afternoon......
(3) Ernest & Young, the liquidater for the Kin Son Company, announced
that they are now seeking for buyers for the company. A company
restructuring is also a possibility. It is also disclosed that while the
company currently has more than 0.1 bil. debt, there is only around 400K
of cash in the bank account of the company.
(4) The tender on the Tamar Basin will be announced tomorrow. This will
have a very indicative measure on the price of the office, especially for
the Admiral region which is around the Basin.
(5) Company Performance Summary (Available by subscription)
Sun Fook Kong Holdings Limited announced:
(stock codes: Ord:535 and War:1127)
The Mingly Corporation Limited announced:
(stock code: 478)
HKR International Limited announced:
(stock codes: Ord:480 and War:285)
Cafe de Coral Holdings Limited announced:
(stock code: 341)
Vitasoy International Holdings Limited announced:
(stock code: 345)
Van Shung Chong Holdings Limited announced:
(stock codes: Ord:1001 and War:1002)
Winton Holdings (Bermuda) Limited announced:
(stock code:510)
Chintex Oil And Gas Company Limited announced:
(stock code: 115)
Yau Lee Holdings Limited announced:
(stock codes: Ord: 406 and War: 934)
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Market Watch (Available by subscription)
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Stock Alert (Available by subscription)
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Last Prev. High Low +/- Open
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Cash market (am) 9330 9385 9360 9286 -55 9360 (1520 mil. HK$)
(pm) 9410 9410 9286 +25 (3226 mil. HK$)
Future (Aug) 9470 9375 9475 9290 +95 9320
(Sep) 9470 9390 9470 9300 +80 9400
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HS China Enterprise index: 1058 (-)
HSI MidCap 50 index: 1279 (+1)
Japan Nikkei Index (close) : 16,720 (+362)
HK Stock Reference index in London (Robert Fleming Index)
at around 6:30 pm HK time) : 9418 (+8 in reference to HK Close)
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