Stocks inch ahead on gold trading
Updated: 2010-09-16 07:33
(HK Edition)
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Hong Kong stocks inched forward Wednesday, as gold producers gained after the metal closed at a record high, and as exporters climbed after a report showed sales at US retailers increased last month.
Zijin Mining Group Co gained 1.4 percent. Yue Yuen Industrial Holdings Ltd jumped 5.3 percent. Cnooc Ltd climbed 1.1 percent on its parent company's production outlook.
The benchmark Hang Seng Index (HSI) rose 0.1 percent.
"Recent economic figures show the global economy is already on the way to recovery," said Castor Pang, Hong Kong-based research director at Cinda International Holdings Ltd. "But investors are worried about how long this will last.
Zhaojin Mining Industry Co jumped 4.1 percent to HK$21.60, and Real Gold Mining Ltd increased 3 percent.
Gold producers gained after the precious metal reached a record $1,274.95 Tuesday.
Exporters rose after sales at US retailers climbed in August for a second consecutive month. Purchases increased 0.4 percent following a 0.3 percent gain in July, US Commerce Department figures showed.
Cnooc climbed to HK$14.76. The company's parent, China National Offshore Oil Corp, may produce about 50 million metric tons of oil equivalent from fields off China's coast this year, spokesman said Tuesday.
Among stocks that fell, China Construction Bank Corp declined 0.3 percent.
The China Banking Regulatory Commission may require the nation's "systemically important" banks to boost capital adequacy ratios to as high as 15 percent by 2012, a person with knowledge of the matter said Wednesday. The regulator's plan will require common equity equal to at least 6 percent of risk-weighted assets, the person said.
Futures on the HSI rose 0.4 percent to 21,782.
Bloomberg News
(HK Edition 09/16/2010 page3)