Caution accompanies Hong Kong's fast start


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Hong Kong shares closed near a 19-month high for a third session yesterday, helped by strength in the financial sector.

Despite gains in the index, lower volumes in Hong Kong indicate caution as benchmark indexes run into chart resistance after a fast start to the year and amid a growing number of profit warnings ahead of the corporate earnings season.

The Hang Seng index closed up 0.3 per cent at 23,659.0 yesterday, with chart resistance about 23,708, its high on May 31, 2011. The China Enterprises Index of the top Chinese listings in Hong Kong climbed 0.6 per cent.

"Earnings are clearly a risk, but I won't get too worried right now. I would take some profit and rotate my money into names that are laggards and have less chance of earnings disappointment," said Hong Hao, Bank of Communication International's chief strategist.

The Asian insurance giant AIA Group was the second-largest boost to the Hang Seng index, rebounding 1.5 per cent from Monday's one-month low.

AIA is still experiencing earnings forecast upgrades, with two of 20 analysts raising their earnings per share expectations by an average of 4.8 per cent in the past 30 days, according to Thomson Reuters StarMine.

By contrast, 10 smaller companies issued profit warnings on Monday night.

Vanke Properties Overseas slumped 7.5 per cent after warning it expects a "significant decrease" in full-year net profit, mainly because of the purchase in May of a Hong Kong-based property company by its parent China Vanke.

Among companies that have posted earnings, shares of Great Wall Motor jumped 1.3 per cent in Hong Kong after testing an all-time high in early trade. The stock was up as much as 6.7 per cent in Shanghai at mid-morning but closed down 0.3 per cent.

* Reuters

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

T20 World Cup Qualifier

October 18 – November 2

Opening fixtures

Friday, October 18

ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya

Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE

UAE squad

Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan

Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed

Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed

UAE currency: the story behind the money in your pockets
What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

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Price: From Dh149,900

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

UAE currency: the story behind the money in your pockets
The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
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Price: From Dh801,800
The specs

Engine: 3.0-litre 6-cyl turbo

Power: 435hp at 5,900rpm

Torque: 520Nm at 1,800-5,500rpm

Transmission: 9-speed auto

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THE CLOWN OF GAZA

Director: Abdulrahman Sabbah 

Starring: Alaa Meqdad

Rating: 4/5

Calls

Directed by: Fede Alvarez

Starring: Pedro Pascal, Karen Gillian, Aaron Taylor-Johnson

4/5

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MATCH INFO

Manchester United 1 (Greenwood 77')

Everton 1 (Lindelof 36' og)

At Everton Appearances: 77; Goals: 17

At Manchester United Appearances: 559; Goals: 253

War and the virus
Racecard
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Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters

Directed by Sam Mendes

Starring Dean-Charles Chapman, George MacKay, Daniel Mays

4.5/5

UAE currency: the story behind the money in your pockets
MATCH INFO

Uefa Champions League quarter-final second leg:

Juventus 1 Ajax 2

Ajax advance 3-2 on aggregate

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

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