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Reason for HangSeng DROP
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flatfoot
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21-May-2008 19:36
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http://www.reuters.com/article/hongkongMktRpt/idUSHKG13921420080521 HONG KONG, May 21 (Reuters) - Hong Kong stocks recouped early losses to close 1.2 percent higher on Wednesday after a sharp rebound in Shanghai on speculation that Beijing will soon allow state-set prices for oil products, such as gasoline, to rise. China's key stock index .SSEC jumped 2.93 percent after Sinopec (600028.SS: Quote, Profile, Research) leapted its 10 percent daily limit and PetroChina 601875.SS surged 6.6 percent in Shanghai. A raft of speculation -- from Beijing preparing to allow oil product prices to rise and increasing government subsidies to oil refiners to loosen windfall taxes -- boosted sentiment on the sector and helped to lift the markets. .. .. .. . "I believe global markets have largely completed their latest
round of a rebound and Hong Kong stocks could zig-zag down in the
short-term," said Andrew To, sales director at Tai Fook
Securities.
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aleoleo
Master |
20-May-2008 18:53
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think today's "earthquake" really make alot of ppl feel damn shock. |
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flatfoot
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20-May-2008 17:44
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I am NOT surprised by the delayed Sell down. This is the way BBs create a false sense of bullishnes and Unload upon the publishing of facts. Those who entered the market last few days, have to brace themselves as China recovers. |
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yunglee
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20-May-2008 16:54
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wah lau, earthquake so many days already now then market react to it? abit slow leh |
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AK_Francis
Supreme |
20-May-2008 15:53
Yells: "Happy go lucky, cheers." |
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After Shichuan quake, less 50k people using fuel alrdy. Instead, rebuilding is the current main task. They need more metals and sement. Construction coy and developers will be benifited. Health care coy may share some benifits as well. |
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aleoleo
Master |
20-May-2008 13:20
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any sign of recovery ? this is really bad.... the dramastic drop causing to drag others... 
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idesa168
Elite |
20-May-2008 13:01
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Will this piece of news suggest that China will import more oil from the region than before...this in return will benefit companies that supplies oil to them like SPC and other bigger oil producers and refineries like ExonMobil, Chevron,etc ... |
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flatfoot
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20-May-2008 12:47
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Expect MORE bad News to COME! SHANGHAI, May 20 (Reuters)- China National Petroleum Corp (CNPC), China's top oil and gas producer, had 1.7 billion yuan ($244 million) of direct economic losses from last week's devastating earthquake in southwest China, the official Shanghai Securities News said on Tuesday. CNPC, the parent of PetroChina <0857.HK> <601857.SS>, had 908 gas stations, 47 oil tanks, and 71 oil and gas pipelines affected by the massive quake, the paper said. Five of the firm's employees died in the quake, China's worst since 1976 with the death toll exceeding 34,000. Sichuan, a largely rural province that accounts for 4 percent of China's economy, is a major gas producer accounting for more than 20 percent of China's total output. CNPC also said on Tuesday that PetroChina had restored 99 percent of its natural gas production in southwestern China by late Monday after the earthquake temporarily disrupted operations in the region. (For details click [ID:nPEK36412]) On Monday, China said it released 8,312 tonnes of strategic reserves of refined fuel to help relief works in quake-hit Sichuan and Gansu provinces, the National Development and Reform Commission (NDRC) said on Monday. CNPC would also add 27,000 tonnes of diesel supplies to Gansu, another report on NDRC's website said. |
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