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
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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
On sale: Now
Price: From Dh149,900
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Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Teaching in coronavirus times
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
Price: from Dh498,542
On sale: now
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
Racecard
%3Cp%3E5pm%3A%20Al%20Bateen%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%202%2C200m%3Cbr%3E5.30pm%3A%20Al%20Khaleej%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(T)%201%2C400m%3Cbr%3E6pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%201%2C400m%3Cbr%3E6.30pm%3A%20Al%20Nahyan%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%3Cbr%3E7pm%3A%20Al%20Karamah%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%3Cbr%3E7.30pm%3A%20Al%20Salam%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%201%2C400m%3C%2Fp%3E%0A
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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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
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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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