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Sept. 24, 2014, 5:33 a.m. EDT

Hong Kong stocks break two-day losing string as banks gain

China regulator approves bank preferred-share issues

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By Laura He, MarketWatch


Shutterstock/Zhu Difeng

HONG KONG (MarketWatch) — Hong Kong stocks bounced back on Wednesday following two straight sessions of losses, with Chinese banks posting broad gains after the country’s regulator approved first preferred-share issues by banks.

The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -2.19%  ended up 0.4%, with mainland Chinese banks gaining across the board.

Bank of China Ltd. /zigman2/quotes/204682472/delayed HK:3988 -1.01%  and Agricultural Bank of China Ltd. /zigman2/quotes/200705246/delayed HK:1288 -0.64%  rose 1.4% and 0.3% each, after the two state-owned giants announced separately Tuesday night that they’ve received the regulator’s approval to issue the country’s first preferred shares to reduce financial stress.

Their domestic peers were also well bid. China construction Bank Corp. /zigman2/quotes/208974133/delayed HK:939 -2.05%  advanced 1.4%, Industrial and Commercial Bank of China Ltd. /zigman2/quotes/201401473/delayed HK:1398 -2.45%  added 1.2%, and Bank of Communications Co., Ltd. /zigman2/quotes/203442771/delayed HK:3328 -1.89%  tacked on 0.7%.

Meanwhile, several major Chinese developers posted gains, with China Resources Land Ltd. /zigman2/quotes/202417326/delayed HK:1109 -1.72%   and China Overseas Land & Investment Ltd. /zigman2/quotes/205731176/delayed HK:688 -0.42% , both Hang Seng constituents, up 0.6% and 0.2%, respectively. Sino-Ocean Land Holdings Ltd. /zigman2/quotes/201858088/delayed HK:3377 +0.51%  jumped 3.5%, and China Vanke Co. /zigman2/quotes/203851375/delayed HK:2202 -0.59% , the country’s largest residential developer by sales, improved by 1.6%.

Mobile operators China Telecom Corp. /zigman2/quotes/206668971/delayed HK:728 -1.28%  and China Unicom Hong Kong Ltd. /zigman2/quotes/205091392/delayed HK:762 -0.67%   moved up 5.2% and 0.3% each, after reports said Apple Inc.’s /zigman2/quotes/202934861/composite AAPL -5.26%   iPhone6 has entered the final stage for approval in mainland China. Bigger rival China Mobile Ltd. /zigman2/quotes/200868736/delayed HK:941 -1.04%   retreated slightly after previous gains, down 0.2%.

In other Asian markets, Japan’s Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK -0.75%  edged down 0.2%, with the yen /zigman2/quotes/210561789/realtime/sampled USDJPY +0.2342%  strengthening to ¥108.59 from ¥108.80 in the previous day. The broader Topix index /zigman2/quotes/210598092/delayed JP:180460 -0.45%   fell 0.4%.

Elsewhere, Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -2.54%  declined 0.7%, while South Korea’s Kospi Composte Index /zigman2/quotes/210598069/delayed KR:180721 -0.10%  rose 0.3%.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,085.79
-517.69 -2.19%
Volume: 2.88M
April 1, 2020 4:08p
loading...
/zigman2/quotes/204682472/delayed
HK : Hong Kong
HK$ 2.94
-0.03 -1.01%
Volume: 460.14M
April 1, 2020 4:08p
P/E Ratio
4.13
Dividend Yield
7.09%
Market Cap
HK$874.27 billion
Rev. per Employee
HK$3.13M
loading...
/zigman2/quotes/200705246/delayed
HK : Hong Kong
HK$ 3.09
-0.02 -0.64%
Volume: 217.75M
April 1, 2020 4:08p
P/E Ratio
4.47
Dividend Yield
6.40%
Market Cap
HK$1088.45 billion
Rev. per Employee
HK$2.16M
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 6.21
-0.13 -2.05%
Volume: 353.66M
April 1, 2020 4:08p
P/E Ratio
5.19
Dividend Yield
5.62%
Market Cap
HK$1585.07 billion
Rev. per Employee
HK$3.31M
loading...
/zigman2/quotes/201401473/delayed
HK : Hong Kong
HK$ 5.18
-0.13 -2.45%
Volume: 322.59M
April 1, 2020 4:08p
P/E Ratio
5.23
Dividend Yield
5.54%
Market Cap
HK$1892.52 billion
Rev. per Employee
HK$3.03M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 4.66
-0.09 -1.89%
Volume: 44.65M
April 1, 2020 4:08p
P/E Ratio
3.96
Dividend Yield
7.37%
Market Cap
HK$352.75 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/202417326/delayed
HK : Hong Kong
HK$ 31.45
-0.55 -1.72%
Volume: 17.07M
April 1, 2020 4:08p
P/E Ratio
6.75
Dividend Yield
3.72%
Market Cap
HK$228.19 billion
Rev. per Employee
HK$3.68M
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
HK$ 23.95
-0.10 -0.42%
Volume: 18.57M
April 1, 2020 4:08p
P/E Ratio
N/A
Dividend Yield
4.26%
Market Cap
HK$263.50 billion
Rev. per Employee
HK$30.79M
loading...
/zigman2/quotes/201858088/delayed
HK : Hong Kong
HK$ 1.98
+0.01 +0.51%
Volume: 25.58M
April 1, 2020 4:08p
P/E Ratio
4.94
Dividend Yield
6.87%
Market Cap
HK$14.90 billion
Rev. per Employee
HK$5.17M
loading...
/zigman2/quotes/203851375/delayed
HK : Hong Kong
HK$ 25.40
-0.15 -0.59%
Volume: 13.75M
April 1, 2020 4:08p
P/E Ratio
6.54
Dividend Yield
4.49%
Market Cap
HK$288.77 billion
Rev. per Employee
HK$4.54M
loading...
/zigman2/quotes/206668971/delayed
HK : Hong Kong
HK$ 2.32
-0.03 -1.28%
Volume: 75.34M
April 1, 2020 4:08p
P/E Ratio
8.01
Dividend Yield
5.39%
Market Cap
HK$190.19 billion
Rev. per Employee
HK$1.57M
loading...
/zigman2/quotes/205091392/delayed
HK : Hong Kong
HK$ 4.44
-0.03 -0.67%
Volume: 40.21M
April 1, 2020 4:08p
P/E Ratio
10.53
Dividend Yield
3.64%
Market Cap
HK$136.77 billion
Rev. per Employee
HK$1.29M
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 240.91
-13.38 -5.26%
Volume: 44.05M
April 1, 2020 4:00p
P/E Ratio
19.03
Dividend Yield
1.28%
Market Cap
$1112.64 billion
Rev. per Employee
$1.98M
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 57.05
-0.60 -1.04%
Volume: 26.59M
April 1, 2020 4:08p
P/E Ratio
9.70
Dividend Yield
5.70%
Market Cap
HK$1180.41 billion
Rev. per Employee
HK$1.88M
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
17,929.34
-136.07 -0.75%
Volume: 0.00
April 2, 2020 9:38a
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
107.4160
+0.2510 +0.2342%
Volume: 0.0000
April 1, 2020 8:58p
loading...
/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,345.04
-6.04 -0.45%
Volume: 0.00
April 2, 2020 9:38a
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,125.20
-133.40 -2.54%
Volume: 272,991
April 2, 2020 11:38a
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
1,683.85
-1.61 -0.10%
Volume: 208,050
April 2, 2020 9:38a
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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