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Market Update : 
Ping An, Refiners Lift HK Stocks
Author: 123jump.com Staff
123jump.com
Last Update: 4:38 PM EDT April 21 2008

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Ping An is reported to have scrapped its plan to sell stock in public offering and instead sell them a private placement through banks. Ping An rose 5%. Sinopec estimated first quarter profit is likely to fall 50% from a year ago on rising crude oil cost. Separately, China is expected to reimburse refiners taxes on crude oil import and significant losses from the price ceiling. Chinese refiners are required to sell petrol at a price fixed by the government. In addition COSCO jumped 7%.

 
China Mobile advanced 2.43% ahead of its results today.

Hong Kong Exchanges and Clearing increased 4.64% and Li & Fung gained 4.38% on speculation subprime-related losses may not rise any more.

Automaker Dongfeng Group jumped 8.7% after forecasting that its 2008 revenue will rise 10% and earnings will exceed the 2007 level.

China Southern Airlines added 2.2% after the company reported a profit increase of 523% year-on-year rise to Rmb796 million in the first quarter.

GOME Electrical Appliances declined 6.24% on news that its controlling shareholder Wong Kwong Yu planned to sell HK$2.13 billion worth of existing shares to six independent investors.
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