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Market Update : 
Stocks in HK, Shanghai Down 4%; Reserves Up
Author: 123jump.com Staff
123jump.com
Last Update: 5:54 PM EDT July 15 2008

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Stocks in China fell with a decline in regional markets, tracking losses in the U.S. and Europe. Benchmark indexes in Hong Kong and Shanghai fell 3.8% and 4.2% respectively. Chinese smelters of lead and zinc will lower production by 10% between July and September. China hopes to lift metal prices with lower supply and also divert electricity to support the Olympic Games. Foreign exchange reserve rose to $1.8 trillion at the end of June, 36% rise from a year ago.

 
Hong Kong Exchanges & Clearing tumbled 7.1% reflecting the general market sentiment.

Aluminum Corp of China plummeted 7.6% to HK$8.27 and Sinopec Corp slid 3.7% after Morgan Stanley downgraded the stock to “underweight” from “equal weight” and cut its earnings estimates by 50% to 63% for the next three years on rising oil prices.

Li & Fung fell 5.8% after Goldman Sachs removed the company from its conviction buy list, but Esprit Holdings edged up 0.5% after reporting that the company has bought back 1.65 million shares for HK$127.8 million.

Huaneng Power International was suspended from trade on news that the company experienced an unexpected first half loss.
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