All
 

 

Just in:  

You are here: Home»Markets»Equity»Asia»Hong Kong stocks end flat on last day of the year

hongkong stock exchange2 40HONG KONG: Hong Kong shares ended flat on Monday as upbeat Chinese manufacturing data was offset by concerns over gridlock in talks to avert the "fiscal cliff" in Washington.

 

The benchmark Hang Seng Index closed 9.67 points lower at 22,656.92 on turnover of HK$28.79 billion ($3.71 billion) in half-day trade ahead of the New Year break.

 

However, the market ended 22.91 percent higher for the year, reversing the 20 percent fall of 2011.

 

The last four months of the year saw the index rally 16.3 percent as data out of China began to show a pick-up in the world's number two economy, after several quarters of slowing that stoked fears of a hard landing.

 

Banking giant HSBC said its final purchasing managers' index (PMI) of the year hit 51.5, up from 50.5 in November and a fourth straight month of improvement.

 

A reading above 50 indicates expansion in the key manufacturing sector, while one below signals shrinkage.

 

The figures reinforce recent indications that the world's second-largest economy is finally emerging from its slumber.

 

"Such a momentum is likely to be sustained in the coming months when infrastructure construction runs into full speed and property market conditions stabilise," Qu Hongbin, HSBC's chief economist for China, said in the release.

 

However, traders have been spooked by the lack of progress by US lawmakers in reaching an agreement to avoid the deep spending cuts and tax hikes due to take effect on Tuesday and which are expected to tip the country into recession.

 

If talks fail on Monday President Barack Obama has demanded a vote on his fallback plan that would preserve lower tax rates for families on less than $250,000 a year and extend unemployment insurance for two million people.

 

China Life rallied 3.3 percent to HK$25.35 and was the best-performing blue chip, while Citic Securities rose 1.9 percent to HK$19.54 following a 10.7 percent jump Friday.

 

For the year China property stocks were the big winners. China Overseas Land soared 78 percent and China Resources Land climbed 69.1 percent, while Hong Kong conglomerate Wharf finished up 72.7 percent.

 

Chinese shares closed up 1.61 percent at a seven-month high. The benchmark Shanghai Composite Index jumped 35.88 points to 2,269.13 on turnover of 105.5 billion yuan ($16.9 billion), the highest close since June 20.

 

The benchmark index has gained 3.17 percent this year but recovered more than 16 percent since it dipped to a near four-year low of 1,949.46 on December 4.

 

Financial stocks and property developers led the rally.

 

New China Life Insurance surged by its 10 percent daily limit to 28.82 yuan, China Merchants Bank jumped 6.10 percent to 13.75 yuan and Everbright Securities rose 3.60 percent to 14.10 yuan.

 

Property developer Gemdale gained 4.15 percent to 7.02 yuan while Poly Real Estate rose 3.34 percent to 13.60 yuan.

 

Copyright AFP (Agence France-Presse), 2012


 



 
Index Closing Chg%
Arrow DJIA 16,677.90 1.32
Arrow Nasdaq 4,452.79 1.60
Arrow S&P 1,950.82 1.23
Arrow FTSE 6,419.15 0.30
Arrow DAX 9,047.31 1.20
Arrow CAC-40 4,157.68 1.28
Arrow Nikkei 15,138.96 0.37
Arrow H.Seng 23,333.18 0.30
Arrow Sensex 26,851.05 0.24





where to buy

cheap wedding dresses

online - weddingdresstrend.com


Banking Review 2013


Buy new style hair wigs at cheap price on Ishowigs.com

Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln