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Hong Kong Research

In: Business and Management

Submitted By stephaniemiu
Words 393
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Review & Outlook of Market Performance
The HSI slipped below the key 15,000-point level after the Christmas break as overall sentiment was weighed down by a softer US market. The benchmark index closed down 307.15 points, or 2.02% w-o-w, at 14,876.43. Average daily turnover for the week was HK$16.48 billion. Overall, the HSI registered a y-o-y gain of 646 points or 4.53% in 2005.
Index heavyweight China Mobile tumbled 5.78% w-o-w to HK$36.7 on worries that 3G licenses would be granted in the first half of 2006, which may shake the company’s dominance in the sector. Its rival China
Unicom shed 5.26% w-o-w to HK$6.3. Meanwhile, HSBC Holdings has agreed to acquire a 10% stake in
Vietnam Technological and Commercial Joint Stock Bank for US$17.3 million, being the third foreign bank to buy into a Vietnamese lender after Standard Chartered and ANZ Banking Group. Shares of HSBC ended 0.72% w-o-w lower at HK$124.5.
The H-share index gained 0.41% w-o-w to 5,330.34. Mainland insurance stocks continued to outperform on anticipation that the insurers would benefit from a stronger Chinese Yuan. The Yuan hit consecutive highs against the US dollar since its revaluation in July 2005. Ping An Insurance reached its all-time high of
HK$14.50 before settling at HK$14.30, up 1.42% w-o-w. PICC Property and Casualty advanced 4.71% wo- w to HK$2.225 and China Life Insurance increased 0.74% w-o-w to HK$6.85.
Oil refiners were in focus after the Chinese government granted Sinopec and its units RMB9.415 billion in subsidies for losses stemming from mainland price limits on refined oil products. Nonetheless, the overall weak market sentiment overshadowed the news. Sinopec slid 0.65% w-o-w to HK$3.85. PetroChina, whose downstream refining business also recorded a loss, was not included in the subsidy plan and its shares closed unchanged at HK$6.3.
The market seems lagging drivers to regain upward momentum, with investors awaiting fresh indicators from the US and direction on its interest-rate policy. The HSI should find support at 14,800 in the coming
week.

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