Hong Stocks Plummet Ahead of China's Manufacturing Data

MT Newswires Live07-30

Hong Kong stocks erased yesterday's gains to close in red on Tuesday, with investors readying themselves to manage the impact of a weak China's PMI manufacturing data due Wednesday.

According to a Bloomberg survey of economists, the PMI manufacturing index is expected to fall to 49.4 in June from 49.5 in May.

The Hang Seng Index fell by 1.37%, or 235.43 points, to close Tuesday's session at 17,002.91. The Hang Seng China Enterprises Index fell by 1.54%, or 93.87 points, to close at 5,986.69.

In corporate news, Hang Lung Properties (HKG:0101) recorded a profit attributable to shareholders of HK$1.06 billion for the six months ended June 30, lower as compared to the HK$2.39 billion logged in the corresponding period a year ago. The company's shares were down nearly 12% on Tuesday's close.

Tsaker New Energy Tech (HKG:1986) expects a net profit of about 22.0 million yuan, representing a decrease of 21.0 million yuan or 48.8%, for the six months ended June 30, compared to the net profit of 43.0 million yuan for the previous year. The company's shares were down nearly 11% on market close.

San Miguel Brewery Hong Kong's (HKG:0236) closed 9% lower as its attributable profit fell to HK$37.6 million in the first half from HK$48.5 million in the year-ago period. Basic earnings per share at the brewery decreased to HK$0.101 from HK$0.13 in the previous year.

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