Hong kong stock markets

- A + A SHANGHAI (June 30): Chinese stocks marked their best month in nearly two years on Thursday (June 30), supported by signs of an economic recovery after the easing of Covid-19 restrictions. However, in Hong Kong, the benchmark Hang Seng Index slipped 0.62% to 21,859.79 points at the close, while Chinese H-shares listed in Hong Kong edged down 0.36% to 7,666.88 points. By the end of the session, the Shanghai Composite Index rose 1.1% to 3,398.62 points, while the blue-chip CSI 300 Index gained 1.44% to 4,485.01 points. Both indicesrecorded their biggest monthly gains since July 2020. Gains across the board came as official data showed that China's factory and service sectors snapped three months of activity decline in June as authorities lifted a strict Covid-19 lockdown in Shanghai, reviving output and consumer spending. China's central bank needs to keep cuts to interest rates and banks' reserve requirement ratio among its policy options while waiting for … [Read more...] about China stocks log best month in two years on recovery hopes, easing Covid-19 curbs

- A + A BEIJING (June 30): It’s official: Chinese equities are once again in vogue, after months of regulatory crackdowns, deleveraging and stringent virus curbs wiped trillions of dollars off benchmark gauges. A Bloomberg survey of 19 fund managers and analysts predicts that benchmark stock indexes in China and Hong Kong will post gains of at least 4% by year-end to outperform their global peers. About 70% of those polled plan to maintain or boost holdings of shares in the mainland and the financial hub in the next three months. The optimism marks a stunning reversal from March when investors raced to trim exposure to Chinese assets on fears that the nation’s Covid lockdowns and the war in Ukraine would damp economic growth. A recent easing of virus restrictions has propelled the CSI 300 Index to the brink of a bull market, and a loose policy stance has helped local equities defy the recent selloff in global stocks. “Covid restrictions will gradually ease and … [Read more...] about China’s world-beating stock rally is forecast to strengthen more

- A + A KUALA LUMPUR (June 30): Parkson Holdings Bhd’s Hong Kong-listed subsidiary Parkson Retail Group Ltd (PRGL) will re-designate acting chief executive officer Zhou Jia as the PRGL group’s chief executive officer (CEO) with effect from July 1. Zhou was appointed acting CEO on Jan 1, 2022, it said in a filing with Bursa Malaysia on Thursday (June 30). “Pursuant to the employment agreement, he is entitled to an annual remuneration of 2.41 million Chinese renminbi (1 renminbi = RM0.66) (inclusive of salary, allowance and fixed bonus) and discretionary bonus. “His remuneration is determined with reference to his background, duties, responsibilities and contributions to the group, the company’s remuneration policy and the prevailing market situation,” PRGL announced to the Hong Kong stock exchange earlier. PRGL also said there was no service contract entered into between Zhou and the company regarding his re-designation as the group’s CEO. … [Read more...] about Parkson Retail Group acting CEO Zhou Jia re-designated as CEO

- A + A (June 30): It was an unusually frigid December weekend when Cheng Wei summoned his inner circle to his Beijing office. The founder of Didi Global Inc, dressed entirely in black, told his lieutenants to slash spending by a fifth in 2022 and begin layoffs after staff return from Lunar New Year vacations. He delivered his bombshell flanked by a giant Powerpoint slide that read: “Don’t live with illusions. Face reality.” “We had a tough year,” said the reserved billionaire known as Will, who that day seemed even gloomier than normal, according to people briefed on the gathering. “But next year will be even tougher.” That sombre gathering encapsulated what many in the room already suspected — the ride-hailing champion once feted for running Uber Technologies Inc out of China was no more. In its place was a defeated shell worth a fifth of its value at the peak, bleeding users, blocked from raising funds for cherished projects — and whose executives were constantly … [Read more...] about Inside Didi’s US$60b crash that changed China tech forever

Wet market at Wan Chai Causeway bay in Hong Kong. INQUIRER STOCK PHOTO A Filipina domestic helper suffered a severe head injury after she was accidentally hit by a paper cutter while walking in a shopping district in Hong Kong. The website of the local newspaper Headline Daily reported that the 55-year-old overseas Filipino worker was heading home from shopping for kitchen utensils at Wan Chai market when a paper cutter measuring 25 centimeters fell down and pounded her head. The cutter’s sharp blade was concealed, and yet the Filipina’s head bled. She was rushed to a clinic. Police disclosed that the paper cutter fell down from a nearby building that was undergoing renovation. A scaffolding worker who was allegedly responsible for the incident was arrested. Gianna Francesca Catolico /ra Subscribe to our global nation newsletter … [Read more...] about Filipina helper’s head hit by falling paper cutter in HK

- A + A KUALA LUMPUR (July 1): Malaysia, like most Asian markets, did not escape the stock equity rout in the first half of this year that was fuelled by the global tightening sparked by an aggressive US Federal Reserve and Ukraine-Russian war. The FBM KLCI dropped 7.4% year to date — more so than the YTD period in 2020, when the pandemic struck and the benchmark index fell 5.53%. On June 29 — the cut-off date for data generated for this article — the stock closed at 1,451.48, as it hovered around the lowest levels seen since May 2020. Just last week, it skidded to as low as 1431.1 on June 22. Still, it isn't the most affected among its regional peers. That spot was occupied by South Korea, where the Kospi fell 20.14%, weighed by a sharp decline in semiconductor stocks. It was followed by Vietnam's Ho Chi Minh Stock Index (-18.70%), the Taiwan Capitalization Weighted Stock Index (-16.35%), the Shenzhen Stock Exchange Composite Index … [Read more...] about The biggest losers and gainers on Bursa Malaysia in 1H