💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

HK shares open down 0.2 pct; Mengniu Diary soars

Published 07/06/2009, 10:01 PM
Updated 07/06/2009, 10:16 PM

HONG KONG, July 7 (Reuters) - Hong Kong shares will open 0.2 percent lower on Tuesday as investors fret about interim corporte earnings and the sustainability of a global economic recovery following a four-month rally by the market.

China Mengniu Dairy is set to soar after it said it would raise HK$3.058 billion ($394.6 million) from a share sale to China National Oils, Foodstuffs and Cereals Corp (COFCO) and Hopu Investment Management. Shares in the company, which was involved in last year's tainted milk scandal, rose 7.3 percent to HK$20.50.

Huadian Power jumped 3.5 percent to HK$2.65 after it said it would acquire a 70 percent stakes in two in Shanxi-based coalminers for about 760 million yuan ($111.2 million) to ensure coal supply to the company's power plants.

The benchmark Hang Seng Index will start 35.92 points lower at 17,943.49.

The China Enterprises Index, which represents top locally listed mainland Chinese stocks, will open down 0.3 percent at 10,800.51. (Reporting by Parvathy Ullatil; Editing by Chris Lewis)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.