26 Mar Hong Kong stocks edge up as China Merchants Bank and China Resources Land rally on better-than-expected earnings
Posted at 02:31h
in Asia
Sentiment got an additional boost as China’s central bank governor Pan Gongsheng said that some “positive signals” had emerged from the property market, which has a solid foundation for healthy and stable development in the long run.
Traders have a busy few days ahead as they sift through almost 30 annual results from Hang Seng Index members due this week, looking for clues as to whether the rebound spurred mainly by state intervention can hold up during the earnings season. They are also waiting for a slew of US economic data that will offer further insight into the next monetary policy move by the Federal Reserve.
Palasino Holdings, a casino operator, surged 24 per cent to HK$3.22 on its first day of trading in Hong Kong.
Other major Asian markets were mixed. Japan’s Nikkei 225 and Australia’s S&P/ASX 200 both slipped 0.1 per cent, while South Korea’s Kospi rose 1.2 per cent.