Hong Kong stocks are trading quietly lower, with no huge moves ahead of the Federal Reserve policy decision due out later in the global day.
At this point, the Hang Seng Index is down 0.1% (it lost 0.4% yesterday), while over on the Chinese mainland, the Shanghai Composite is down 0.4%.
As mentioned in an earlier post on today’s blog, China’s average new-home prices showed a rare monthly drop for May, and this is weighing on property shares.
However, New World Development is up 1%, reversing yesterday’s losses after shareholders voted against taking its New World China Land unit private. Morgan Stanley says the outcome may be positive from a debt perspective, according to Dow Jones. Then again, shares in New World China Land aren’t enjoying the rebound, currently quoted 0.6% lower.
Financials are mixed, meanwhile, with HSBC down 0.4%, ICBC up 0.4%, Bank of Communications down 0.2%, and China Construction Bank up 0.4% after the central bank said it would be the first yuan-clearing bank in London.
Stock in Hang Seng component China Mengniu Dairy are down 0.8%, erasing early gains on a ratings upgrade from HSBC to overweight from underweight, along with a price-target hike.
Among the gainers, Citic Pacific is up 0.8% after reports said it has raised another $690 million from 10 new investors in its quest to buy off assets from its parent company.
Shares of Chow Tai Fook Jewellery are enjoying a 3.5% advance after reporting earnings for the fiscal year that ended in March. The results showed profit up 32%, and revenue up almost 35%.
Meanwhile, Citic Resources sits unchanged as the firm makes news by announcing more than 100,000 metric tons of alumina have gone missing at Qingdao port, where an investigation into the fraudulent use of metals as collateral for loans is underway. Reuters puts the value of the missing alumina at about $43 million.