Market Gazer Hong Kong - Japan - Germany - UK - North America
market review : asia Europe. The company said that it had
Asian shares kickstarted the week in a
positive tone as Nikkei 225 Average rose
82.65 points or 0.89% to 9,321.82, Hang
Seng Index soared 1.89% or 400.96 points
to 21,658.35, while Shanghai Composite
Index also settled at 2,688.32 or 25.11
points higher (+0.94%). The Asian rally
was triggered by the Chinese data
released on Saturday which boosted the
notion that China is not on track towards
a hard landing.
China released its industrial
production, inflation, and
retail sales data on
Saturday, and all were
pointing at a controlled deceleration of
growth, something that has been aimed
by the government to avert the economy
from overheating. The data were a big
relief for the market as lots of investors
have been worried that China was into a
hard landing scenario due to strict
government control.
In Hong Kong, the HK Monetary
Authorities, responding to the new Basel
rules on European banking system, stated
that HK banks are able to achieve the
same standard to be applied in Europe
since they are well-capitalized. HKMA
pointed out that at the end of 1H 2010,
average capital adequacy ratio among HK
banks were at 15.7%, while their average
Tier 1 Ratio were at 12.1%.
Corporate news involved Sony’s plan to
realign its manufacturing operations in
13 September 2010
agreed to sell its Barcelona technology
center to Ficosa
International and Comsa
Emte. The Spanish
companies would divide
the center which manufactures LCD TVs
into two new companies. One for
manufacturing (totally owned by Ficosa),
the other for development and
engineering (50:50 split between Ficosa
and Comsa). Sony would source its LCD
TVs to the new manufacturing company
two years after the transfer has been
completed. Sony was down 0.55% to
¥2,511 by the end of the day.
Cathay Pacific reported a 9.7% growth in
passenger in August to 2.42 million
passengers, but against July, the data was
lower (2.49 million). Despite this, Credit
Suisse suggested that the number was still
high by historical standards. Cathay fell
2.1% to HK$21.00 after the news.
Yue Yuen Industrial also
reported its revenue on
Monday. Revenue grew 37%
in August to US$528.2 million, up from
US$386.41 million recorded in August
2009. Year-to-date, the operating revenue
was US$3.94 billion, up from US$3.27
billion in August 2009. Yue Yuen ended at
HK$25.15, up 1.62%.
Disclaimer: This report is provided for information purposes
only. It is not an offer to sell or to buy any securities. This
report has been prepared based on sources believed to be
reliable, but there is no assurance or guarantee regarding its
completeness & and accuracy. The author accepts no
responsibility or liability arising from any use of the report.
E-mail: market.techspeak@gmail.com
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