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<H Shrs>HSI Closes Down 580 Pts as Commodities Stocks Slip; CSPC PHARMA/ CKH HOLDINGS Subtract
Recommend 6 Positive 5 Negative 3 |
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Hong Kong stocks declined. The HSI shed 580 points or 2.08% to close at 27,387. The HSCEI lost 235 points or 2.5% to close at 9,317. The HSTECH waned 122 points or 2.1% to close at 5,718. Total market turnover for the day amounted to $301.612 billion. Spot gold eroded over 5%. SD GOLD (01787.HK), ZIJIN GOLD INTL (02259.HK), ZHAOJIN MINING (01818.HK) and CHINAGOLDINTL (02099.HK) tumbled 10-14%. ZIJIN MINING (02899.HK) announced the issuance of US$1.5 billion convertible bonds, denting its share price by 9.2%. LINGBAO GOLD (03330.HK) and CHI SILVER GP (00815.HK) descended 8.1% and 6.7%. For resource stocks, JIANGXI COPPER (00358.HK), MMG (01208.HK) and CHINAHONGQIAO (01378.HK) dipped 9.3-10.1%, while CHALCO (02600.HK) and CMOC (03993.HK) shrank 7.9% and 8.1%. CHALCO invested over RMB4.2 billion, partnering with Rio Tinto in acquiring a stake in Companhia Brasileira de Aluminio S.A.. Oil CNOOC (00883.HK) and oilfield services provider CHINA OILFIELD (02883.HK) sagged 2.4% and 3.3%. For pharma, CSPC PHARMA (01093.HK) partnered with AstraZeneca to develop innovative long-acting peptide medicines, with an upfront payment exceeding $9.3 billion, yet its stock price sank 10.2%. WEIGAO GROUP (01066.HK), SINO BIOPHARM (01177.HK), JUNSHI BIO (01877.HK) and WUXI APPTEC (02359.HK) stumbled 3.3-4.9%. CKH HOLDINGS (00001.HK) cascaded 4.6% after Panama's Supreme Court ruled two local port contracts unconstitutional. There were market rumors that NEW WORLD DEV (00017.HK) may undergo a potential change of ownership, with Blackstone (BX.US) negotiating to become the largest single shareholder. NEW WORLD DEV’s controlling shareholder confirmed being approached by investors, boosting its share price by 2.2%. AAStocks Financial News Website: www.aastocks.com |
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