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Hong Kong up with banks(Baystreet Foreign Markets Wrap (Canada) Via Acquire Media NewsEdge) Hong Kong stocks bounced back on Wednesday following two straight sessions of losses, with Chinese banks posting broad gains after the country's regulator approved first preferred-share issues by banks. In Tokyo, the Nikkei 225 returned from holiday to dock 38.45 points, or 0.2%, to 16,167.45 In Hong Kong, the Hang Seng Index ended its losing streak, gaining 84.54 points, or 0.4%, to 23,921.61 Bank of China Ltd. and Agricultural Bank of China Ltd rose 1.4% and 0.3% each, after the two state-owned giants announced separately Tuesday night that they've received the regulator's approval to issue the country's first preferred shares to reduce financial stress. Their domestic peers were also well bid. China construction Bank Corp. advanced 1.4%, Industrial and Commercial Bank of China Ltd. added 1.2%, and Bank of Communications Co., Ltd. tacked on 0.7%. Meanwhile, several major Chinese developers posted gains, with China Resources Land Ltd. and China Overseas Land & Investment Ltd. both Hang Seng constituents, up 0.6% and 0.2%, respectively. Sino-Ocean Land Holdings Ltd. jumped 3.5%, and China Vanke Co. the country's largest residential developer by sales, improved by 1.6%. Mobile operators China Telecom Corp. and China Unicom Hong Kong Ltd. moved up 5.2% and 0.3% each, after reports said Apple Inc.'s iPhone6 has entered the final stage for approval in mainland China. Bigger rival China Mobile Ltd. retreated slightly after previous gains, down 0.2%. In other markets; Shanghai's CSI 300 index gained 42.40 points, or 1.8%, to 2,441.86 In Korea, the Kospi index hiked 6.73 points, or 0.3%, to 2,035.64 The Taiex index in Taiwan added 13.59 points, or 0.2%, to 9,098.49 In Singapore, the Straits Times STI Index ditched 5.28 points, or 0.2%, to 3,292.81 In New Zealand, the NZX 50 moved higher 16.73 points, or 0.3%, to 5,258.17 Australia's S&P/ASX 200 subtracted 39.96 points, or 0.7%, to 5,375.77 © 1998 - 2014 Baystreet.ca Media Corp. All rights reserved. |