In China, stocks fell after China was rumored to be planning for raising capital adequacy ratio for its banks. Shanghai Stock Exchange ended at 2,602.47 or 50.03 points, nearly 2% despite during late hours the China Banking Regulatory Commission denied the rumor. Hong Kong’s Hang Seng Index fell 34.19 points or 0.16% to end at 21,691.45
China Mobile aims for search engine business, leading to a direct competition with Baidu Inc. One reason cited by the chairman Wang Jianzhou was that the growth in the wireless market has slowed down recently. This year, the consensus pointed at a rise of 7% in China Mobile’s revenue to 484 billion yuan. Last month, China Mobile’s parent company, China Mobile Communications Corp., had agreed to cooperate with Xinhua News Agency in internet search. At the end of the day, the shares stood at HK$77.80, up 0.06%.
Cheung Kong Holdings was raised to BUY from HOLD by BNP Paribas. Its target also raised to HK$115 from HK$99.80. The conglomerate’s shares gained 0.19% to HK$103.30.
Cheung Kong Infrastructure Holdings was said to be planning for a sale of US$-denominated perpetual notes. The shares was unchanged in the Thursday’s session as it ended at HK$31.30.
Hang Lung Properties was downgraded by UBS, from BUY to NEUTRAL, sending the developer’s shares to end down 0.53% to HK$37.55.
China Shenhua Energy reported its coal output in August was up 10.1% from a year ago to 19.7 million tons. Meanwhile, sales was up 20% to 25.1 million metric tons from a year ago and exports fell 31% to 900,000 tons. China Shenhua fell 0.33% to HK$30.45.
China Telecom’s price target was raised to HK$4.68 from HK$4.11 by Daiwa. China Telecom settled at HK$4.18 or down 0.48%.
Alibaba and Yahoo’s negotiation regarding stakes sale collapsed after Alibaba rejected Yahoo’s counter proposal. The proposal was deemed ‘unjustifiable’, according to Alibaba. This failure is likely to hurt Yahoo’s shares later in US session.
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