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Hong Kong stocks advance, reversing loss; Cnooc, New World gain

Hong Kong stocks advance, reversing loss; Cnooc, New World gain
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First Published: Thu, Mar 29 2007. 09 16 AM IST
Updated: Thu, Mar 29 2007. 09 16 AM IST
By Hanny Wan, Bloomberg
Hong Kong: Hong Kong’s stocks rose, reversing earlier losses. Cnooc Ltd. led gains among oil producers after crude prices climbed to a six-month high.
New World Development Co. gained after Citigroup Inc. initiated coverage of the stock with a “buy” rating. PCCW Ltd. fell after reporting second-half profit slid and Group Managing Director Jack So quit.
The Hang Seng Index climbed 42.51, or 0.2 %, to 19,596.38 at 10:30 a.m. local time, after falling as much as 0.5 % earlier. The measure is set for a 1.8 % decline this quarter. The Hang Seng China Enterprises Index, which tracks the so-called H shares of 41 mainland companies, rose by 0.3 % to 9,515.64.
Cnooc, China’s biggest offshore oil producer, added 12 cents, or 1.8 %, to HK$6.74. PetroChina Co., the nation’s largest oil producer, rose 4 cents, or 0.4 %, to HK$9.04.
Crude oil futures climbed by 1.8 % to $64.08 a barrel in New York yesterday, the highest close since 11 September. It was recently at $63.92 in after-hours trading.
Cnooc may today report its slowest annual earnings growth in four years. Profit last year rose by 18 % to 29.8 billion yuan ($3.86 billion), based on the median estimate of 11 analysts in a Bloomberg News survey.
New World, a Hong Kong developer that also invests in public works and transport, added 6 cents, or 0.3 %, to HK$17.70. Kadir Lim, a Hong Kong-based analyst at Citigroup, initiated coverage on the stock with a “buy” recommendation and a share-price estimate of HK$20, citing higher selling prices of the company’s properties and the spinoff of its China department store chain.
PCCW, Hong Kong’s largest phone company, slid 7 cents, or 1.5 %, to HK$4.66. The company had a 30 % decline in second-half profit on increased costs. Net income was HK$454 million ($58 million), Bloomberg calculated by deducting first- half numbers from full-year figures reported by the company.
Meanwhile, Jack So, PCCW’s group managing director, resigned for “personal reasons,” Chief Financial Officer Alex Arena said.
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First Published: Thu, Mar 29 2007. 09 16 AM IST
More Topics: Money Matters | Global Markets |