MARKET COMMENT: HSI Down 0.8%; China Tightening Concerns - KGI
14 Mars 2013 - 4:05AM
Dow Jones News
0234 GMT [Dow Jones] The HSI is down 0.8% at 22,381.97, as
investors fret over China switching to a tightening bias after PBOC
governor Zhou Xiaochuan signaled elevated concern over inflation;
the index is also weighed by the weakness in Hong Kong developer
shares after mortgage rate hikes by local lenders. "China has
signaled that its monetary stance is switching from easing to
neutral, which in effect means tightening," says Ben Kwong, chief
operating officer at KGI Asia. The PBOC is poised to drain funds
from the financial system for a fourth straight week this week, as
the central bank is offering CNY18 billion of 28-day repurchase
agreements, a liquidity-draining tool, in its open market operation
Thursday. SHK Properties (0016.HK) falls 3.4% to HK$107.80, New
World Development (0017.HK) tumbles 4.3% to HK$13.42 after
mortgages rates hikes by HSBC (0005.HK) and Standard Chartered
(2888.HK). Market volume is strong at HK$26.92 billion, although
inflated by a combined HK$6.04 billion from ASM Pacific (0522.HK)
and NagaCorp (3918.HK) due to fund-raising activities.
(robert.li@dowjones.com)
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