Hong Kong market slips as Singapore rises; Energy stocks pull Australian market down
City Index November 9, 2011 2:52 PM
<p> The Hong Kong stock market fell along with other Asian markets Tuesday after six days of gains. The Hang Seng index dropped 0.45% to […]</p>
The Hong Kong stock market fell along with other Asian markets Tuesday after six days of gains. The Hang Seng index dropped 0.45% to 24,852 in the first half trading session with property and oil producers leading the fall. Sino Land fell more than 5.9% after announcing a private equity raising of HKD 5.14 billion. The company share price had been under pressure since reporting a 2.6% drop in its full year profits in September. CNOOC Ltd, the largest offshore oil producer, slid 1%.
Singapore stocks continued trading towards their highest level in two years with the energy and consumer goods sectors taking the lead. Sembcorp Marine rose 2.1% today after it reported that third quarter net income rose 65% to SGD244 million. Wilmar international, the largest Palm Oil trader, climbed 2.5% to SGD 6.9 after the company increased its syndicated loan facility from SGD1.1billion to SGD1.3billion. Property developers dragged the market lower. Keppel Land lost 3.4% to S$4.88 after announcing its plan to issue a S$500 million convertible bond.
The Australian share market slipped on oil stocks today, sliding lower following the sale overnight of $3.3 billion worth of Woodside shares (-6.3% to $42.99). Energy stocks were the hardest hit, as traders and fund managers sold to make room for the discounted placement of roughly a third of Shell’s 34% stake in Woodside. Global miners also slipped. Gold stocks fared better, lifted by another record gold price last night, above US $1,400. Financials showed signs of rotation, as local and international investors sold major banks and at least some of those funds found their way into Real Estate Investment Trusts. Information technology stocks and utilities bucked the market direction to post gains, as investors continued to seek opportunities in stocks leveraged to economic recovery. Industrials and consumer related stocks were mixed, and healthcare and telcos fell in line with the market.