SHANGHAI : Chinese banking stocks listed in Hong Kong tumbled on Wednesday after Goldman Sachs downgraded ratings on some Chinese banks in a report and raised questions over the whole sector.Hong Kong's Hang Seng Mainland Banks Index was down more than 3 per cent, set for its biggest daily drop in eight m
SHANGHAI : Chinese banking stocks listed in Hong Kong tumbled on Wednesday after Goldman Sachs downgraded ratings on some Chinese banks in a report and raised questions over the whole sector.
Hong Kong's Hang Seng Mainland Banks Index was down more than 3 per cent, set for its biggest daily drop in eight months. Goldman Sachs analysts downgraded Agricultural Bank of China from"Neutral" to"Sell", Industrial and Commercial Bank of China and Industrial Bank from"Buy" to"Sell" in a report on Wednesday.
Agricultural Bank of China shares fell 2.6 per cent, while Industrial and Commercial Bank of China and Industrial Bank shares were down 1.9 per cent and 0.5 per cent, respectively. The Wall Street bank said that Chinese banks cannot maintain a good balance of provisions, capital and dividends at the same time on squeezed earnings.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong police issue arrest warrants for eight overseas activistsThe police offered rewards for information leading to any arrest. Read more at straitstimes.com.
Read more »
Hong Kong May retail sales rise 18.4%, sees support from local consumptionHONG KONG : Hong Kong's May retail sales rose 18.4 per cent from a year earlier in the sixth consecutive month of growth thanks to the revival of inbound tourism and positive consumption sentiment which should support growth in coming months, the government said on Monday.Sales increased to HK$34.5 billio
Read more »
Hong Kong police issue arrest warrants for eight activists, offer HK$1 million rewardHONG KONG: Hong Kong police on Monday (Jul 3) accused eight overseas-based activists of 'serious' national security offences including foreign collusion, and offered a HK$1 million (US$127,656) reward for information leading to any arrest. Those targeted include
Read more »
Hong Kong May retail sales rise 18.4%, sixth month of growthHONG KONG : Hong Kong's May retail sales rose 18.4 per cent from a year earlier thanks to the revival of inbound tourism and positive consumption sentiment, government data showed on Monday.Sales increased to HK$34.5 billion ($4.40 billion), marking a sixth consecutive month of growth. That compared with
Read more »
China's Shimao may add Hong Kong hotel to sweeten restructuring proposalHONG KONG: Shimao Property said on Monday (Jul 3) it may include its hotel in Hong Kong as a sweetener in its offshore debt restructuring, instead of selling the property. Shimao, the first major Chinese developer to kick off formal negotiations on restructuring terms with creditors, had initially proposed
Read more »
Commodities broker Marex buys Hong Kong-based recycled metals firmLONDON : London-based Marex, one of the world's largest privately owned commodities brokers, said on Monday that it had acquired Hong Kong-based recycled metals trading firm Global Metals Network (GMN) to expand business in the sustainability-focused sector.Marex did not disclose the price of the deal.
Read more »