Archive for the 'Finance' Category
May 9th, 2010 by admin
BEIJING, April 13 (Xinhua) — Bargain hunters pushed Chinese equities to edge up Tuesday, led by energy and financial firms with large capitalization.
The benchmark Shanghai Composite Index on the Shanghai Stock Exchange closed at 3,161.25 points Tuesday, up 1.02 percent, or 31.99 points.
The Shenzhen Component Index on the Shenzhen Stock Exchange closed at 12,511.89 points Tuesday, up 112.69 points, or 0.91 percent, from the previous close.
Combined turnover expanded to 339.3 billion yuan (49.7 billion U.S. dollars) from 313.4 billion yuan on the previous trading day.
Losers outnumbered gainers by 590 to 298 in Shanghai and 707 to 199 in Shenzhen.
The margin trading and short selling pending to start this week ignited investors\’ interest in buying more heavyweights Tuesday, Zhang Yunpeng, an analyst with Beijing-based Huarong Securities, told Xinhua Tuesday.
The margin trading and short selling in stock index futures contract tracking, the Hushen 300 Index, will start on April 16 in China.
The Hushen 300 Index, which covers about 60 percent of the markets\’ value, mainly reflects the performance of China\’s heavyweights on Shanghai and Shenzhen stock markets.
Sinopec, China\’s largest oil refiner, gained 2.29 percent to 11.59 yuan per share. China Shenhua Energy Co., the country\’s largest coal producer, went up 2.59 percent to 29.69 yuan per share.
However, the ChiNext Index, China\’s start-up board for small and medium-sized enterprises, was down Tuesday with only one of the 66 stocks rising, showing capital was flowing into firms with large capitalization. The brokerage sector advanced Tuesday on the coming margin trading and short selling business which would increase brokerage firms\’ revenues, Zhang said.
CITIC Securities, China\’s biggest brokerage by market value, jumped 3.3 percent to 28.79 yuan per share, while Haitong Securities, another leading brokerage, posted a gain of 2.54 percent to 16.56 yuan per share.
Bargain hunters helped lift the property stocks after a decline for several consecutive trading days.
China Vanke, the nation\’s biggest property developer by market value, rose 0.54 percent to 9.25 yuan per share, while Poly Real Estate Co., the second largest, gained 1.01 percent to 18.95 yuan per share.
http://www.gemuhope.com
May 9th, 2010 by admin
BEIJING, April 13 (Xinhua) — A survey showed an increasing number of property developers turn to China\’s second-tier and third-tier cities for higher returns as land supply in big cities is about to reach its limit.
The survey was conducted by Syswinland Consulting, a Beijing-based firm specializing in land development and investment, the China Daily reported Tuesday.
It has been increasingly difficult for land developers to launch new projects in big cities such as Beijing and Shanghai, while there is greater potential in smaller cities because their land supply remains abundant, said the newspaper.
Hohhot, the capital city of Inner Mongolia Autonomous Region is one of those rising cities. It serves as the trade link between China and the Republic of Mongolia and Russia.
The city has a rich supply of land for future development, the newspaper cited Gao Zhiguo, a senior researcher with Syswinland, as saying.
Some developers have already moved their projects to smaller cities to seize this opportunity.
Evergrande Real Estate Group reportedly has development projects in 27 second- and third-tier cities, and reaped 90 percent of its sales from those cities in the first quarter of 2010.
Related:
Chinese SOEs to be barred from property development
China\’s top property developer posts 32% profit surge in 2009
Chinese listed property developers report handsome profits
http://www.chinacourse.com
May 9th, 2010 by admin
Graphics shows the prices of light, sweet crude oil on the New York Mercantile Exchange in the past 13 months. Light, sweet crude oil for May delivery fell 29 cents to settle at 84.05 U.S. dollars a barrel on the New York Mercantile Exchange on April 13, 2010. (Xinhua/Xiao Xiao)
NEW YORK, April 13 (Xinhua) — Oil prices fell for a fifth day on Tuesday as oversupply concerns weighed on market ahead of weekly inventory report.
Light, sweet crude for May delivery fell 29 cents to settle at 84.05 U.S. dollars a barrel on the New York Mercantile Exchange. Crude futures dropped to as low as 82.51 dollars a barrel during trading.
The International Energy Agency (IEA) said in its latest monthly report, which was released on Tuesday, that crude prices above 80 U.S. dollars a barrel could hurt the economic recovery.
IEA said it expects world oil demand will increase by 1.7 million barrels per day this year, compared with a decline of 1.3 million barrels per day last year.
However, IEA also predicted that U.S. crude stocks will continue to rise and oil supply from non-OPEC countries will grow faster than previously expected, as big producers cash in on higher oil prices this year.
Traders are focused on the government\’s weekly fuel inventory reports, which are scheduled on Wednesday. Analysts expect the crude stocks to rise for the 11th consecutive weeks by 1.6 million barrels.
In London, Brent crude for May delivery fell 9 cents to 84.68 dollars a barrel on the ICE Futures Exchange.??
http://www.mzxl.cn
May 9th, 2010 by admin
BANGKOK, April 12 (Xinhua) — The Stock Exchange of Thailand ( SET) composite index moved down 28.76 points, or 3.64 percent, to close at 760.90 points on Monday.
Some 3.61 billion shares worth 35.21 billion baht (about 1.10 billion U.S. dollars) changed hands.
The SET composite index moved up 5.73 points, or 0.73 percent, to close at 789.66 points on Friday.
?
http://www.lelezu.com
May 9th, 2010 by admin
CHICAGO, April 12 (Xinhua) — Gold futures on the COMEX Division of the New York Mercantile Exchange ended a tad higher on Monday, as the EU\’s plan to help Greece ameliorate its fiscal problems lifted euro against the dollar. Sliver and platinum both rose.
The most active gold contract for June delivery rose 0.3 U.S. dollars to finish at 1,162.2 dollars per ounce.
Eurozone authorities agreed over the weekend on a 30-billion- euro package of three-year loan, and the IMF is expected to provide a further 15 billion euros in the first year, if Greece requested help. The interest rate carried by the loan is lower than what private lenders had been demanding to hold Greek debt recently.
The huge rescue package calmed investors\’ fears of a possible near-term default, and improved investors\’ outlook for the economies of the eurozone. Euro surged and let dollar hover near a one-month low against the euro. Gold rallied on softening dollar as investors consider gold as a hedge against dollar.
May silver rose 6.3 cents to 18.414 dollars per ounce. July platinum was up 12.0 dollars to 1,739.4 dollars an ounce.
http://www.hhfzl.com
May 9th, 2010 by admin
NEW YORK, March 11 (Xinhua) — Crude prices stayed above 82 U.S. dollars per barrel on the New York market on Thursday as investors digested economic data from the United States and China, the two major energy consumers in the world.
Crude prices slid in the early trading as consumer inflation soared to a 16-month high in China. Traders worried that Chinese demand will slow as the government is to tackle rising inflation.
The U.S. Labor Department said on Thursday that workers filing for jobless benefits for the first time fell slightly less than expected. Meanwhile, the U.S. trade deficit narrowed unexpectedly in January as oil imports fell to their lowest since February 1999.
Those news weighed on markets, but falling gasoline inventories in the United States supported prices.
Light, sweet crude for April delivery rose 2 cents to settle at 82.11 dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude fell 20 cents to settle at 80.28 dollars on the ICE Futures Exchange.
http://www.pq365.com
May 9th, 2010 by admin
SEOUL, Feb. 18 (Xinhua) — South Korean banks saw a rise in foreign exchange turnover in the fourth quarter of 2009, maintaining the gain for a third straight quarter, the central bank said Thursday.
According to the Bank of Korea (BOK), South Korea\’s daily foreign exchange turnover scored 48.48 billion U.S. dollars on average during the October-December period, up 6.5 percent from the previous quarter.
While daily trading volume on spot and forward trading, as well as foreign exchange swaps, expanded 7.1 percent, rising from the previous quarter\’s 37.5 billion U.S. dollars to 40.2 billion U.S. dollars, the bank said.
Foreign exchange derivatives trading, including forward, swap, and option transactions related to currency and interest rate, saw an on-quarter increase of 3.5 percent to 8.3 billion U.S. dollars
The gain in foreign exchange turnover was attributed to expansion of exports, which pulled up bank-to-client spot trading and, in turn, bank-to-bank trading, the BOK said.
The data came as the South Korean currency rose an average 6.1 percent against the U.S. dollar in the fourth quarter alone as the economy emerged out of the worst downturn in a decade.
http://www.daima5.com
May 9th, 2010 by admin
BEIJING, Feb. 9 (Xinhua) — China First Heavy Industries (CFHI), a leading heavy industry manufacturer, opened at 5.48 yuan (0.8 U.S. dollar) per share for its debut at the Shanghai Stock Exchange, breaking its initial public offering (IPO) price.
The northeastern Heilongjiang-based firm set its IPO price at 5.7 yuan per share. It issued 2 billion A-shares and intended to raise about 11.4 billion yuan with the offering.
The fate of the CFHI underscored that IPOs in China might no longer be seen as an easy way to make hefty quick money, as several new shares have fallen below their IPO prices with the benchmark Shanghai Composite Index losing its psychologically-important 3,000 point on Jan. 27.
Chinese shares opened lower on Tuesday with the benchmark Shanghai Composite Index down 0.11 percent to 2,932.09 points.
http://www.lersus.com
May 9th, 2010 by admin
NEW YORK, Feb. 2 (Xinhua) — Oil prices extended gains on Tuesday amid strong U.S. manufacturing data and a pipeline attack in Nigeria.
Light, sweet crude for March delivery rose 2.80 dollars to settle at 72.23 dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude for March delivery rose 2.94 dollars to 76.05 dollars a barrel on the ICE Futures Exchange.
Oil prices rebounded on Monday after the Institute of Supply Management (ISM) reported Monday that ISM manufacturing industries composite index jumped higher in January, suggesting faster expansions in the sector. The report prompted optimism about U.S. economic outlook and oil demand.
Worries about oil production also helped boosting crude prices. Anglo-Dutch oil group Royal Dutch Shell on Monday said it was forced to cut output after a key supply pipeline in southern Nigeria was sabotaged on Saturday. The company gave no timeline for fixing the pipe and restarting the flow of oil.
The attack happened just hours after Nigeria\’s main militant group, the Movement for the Emancipation of the Niger Delta (MEND), declared an end to ceasefire and threatened to resume attacks against Africa\’s biggest oil and gas industry.
Niger Delta issued a statement on Monday saying they were not involved in the Shell pipeline attack.
http://www.marconimedical.com
May 9th, 2010 by admin
TOKYO, April 12 (Xinhua) — The euro rebounded to near a one- month high against the dollar Monday in Tokyo.
At 5 p.m., the euro traded at 1.3604-3607 dollars and 127.14-18 yen versus 1.3494-3504 dollars and 125.76-86 yen in New York and 1. 3408-3411 dollars and 125.36-40 yen in Tokyo late Friday.
The dollar was quoted 93.44-47 yen versus Friday\’s 5 p.m. quotes of 93.10-20 yen in New York and 93.48-51 yen in Tokyo.
http://www.tbogg.com
