Kontak Perkasa - Bloomberg (06/11)
-- Most Hong Kong stocks fell, with the benchmark index sliding a third
day, as energy companies led declines on the Hang Seng Composite Index.
The
Hang Seng Index fell 0.2 percent to 23,003.69 as of 9:39 a.m. in Hong
Kong, with about two shares declining for each that rose on the
50-member gauge. The Hang Seng China Enterprises Index of mainland
companies lost 0.6 percent to 10,567.63.
The
Hang Seng Index jumped 16 percent from this year’s low on June 24
through yesterday as economic data boosted confidence in China. A
private survey yesterday showed expansion in services industries
yesterday after an official non-manufacturing gauge rose to the highest
this year. Hong Kong’s benchmark index traded at 11 times estimated
earnings yesterday, compared with 15.9 for the Standard & Poor’s 500
Index.
President
Xi Jinping said the country should speed up its strategy of using
innovation to drive development and realize full-year economic targets,
the official Xinhua News Agency reported yesterday. The nation’s
official growth target is 7.5 percent this year. China’s leaders meet in
Beijing Nov. 9-12 to map out reforms.
Futures
on the S&P 500 gained 0.2 percent today. The equity gauge dropped
0.3 percent yesterday as investors awaited this week’s data on economic
growth and employment. Faster-than-estimated expansion in a U.S.
services gauge in October stoked speculation the economy is strong
enough for the Federal Reserve to cut stimulus earlier than anticipated.
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Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 9:29 AM
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