The Australian share market has dropped by one per cent, to a five-week closing low, as declines in the resources and energy sectors weighed on the bourse and concerns emerged over the upcoming reporting season. Aust stocks fall 1.2% to five-week low
At 1615 AEST, the benchmark S&P/ASX200 index was down 1.16 per cent to 3,828.20, while the broader All Ordinaries index was 1.10 per cent lower at 3,784.20, the lowest close since May 28.
While our own markets were down our trading partners CHINA were not faring too well in the stock market as well.
Hong Kong shares hovered on Monday hit by lower energy prices and lack of fresh cues on the state of the global economy, while China shares continued their upward march despite news of Shanghai’s first major IPO since last September.
HK shares drop 1.2 pct but BOC Hong Kong gains
Chinese toll road operator Sichuan Expressway Co on Monday said it planned to raise as much as 2 billion yuan ($292.8 million) in a public share offering in Shanghai. The stock rose 1.5 percent to HK$3.42 in Hong Kong.
Stocks in Shanghai advanced 0.3 percent in a liquidity bounce as analysts argued the new supply of shares was not big enough the derail the stock market rally.
The benchmark Hang Seng Index finished 223.99 points lower at 17,979.41.
The China Enterprises Index, which represents top locally listed mainland Chinese stocks, fell 1.4 percent to 10,827.62.
* BOC Hong Kong climbed 4.6 percent to HK$14.90 on a report its parent Bank of China (BOC) would launch a pilot scheme on Monday to allow bilateral trade with Hong Kong to be settled in yuan.
* The China Enterprises Index, which represents top locally listed mainland Chinese stocks, rose 0.1 percent to 10,995.78.
* The extended rally on the mainland Chinese market lifted China Life 2.1 percent to HK$29.70 on expectations of improved investment income in 2009
Among Chinese property stocks traded in Hong Kong, Country Garden Holdings Co. gained 2.7%, China Resources Land added 0.5%, Shenzhen Investment climbed 2.4%, Shimao Property Holdings advanced 0.9% and Guangzhou R&F Properties Co. rose 2.2%.
The Chinese government may to list some of its railway assets in Hong Kong as early as the second quarter of 2010 to raise up to US$5 billion, said two sources familiar with the matter.
China Mobile Communications Corp, the parent company of China Mobile Ltd<0941><CHL>, may buy a stake in Industrial and Commercial Bank of China<601398><1398> as requested by China’s state asset watchdog, the State-owned Asset Supervision and Administration Commission (SASAC), the China Daily reported on Friday, citing an unnamed source as saying.