By Hanny Wan
Dec. 23 (Bloomberg) -- The following companies may have unusual price changes in Hong Kong trading. Stock symbols are in parentheses, and share prices are as of the last close.
The Hang Seng Index declined 505.12, or 3.3 percent, to 14,622.39. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, dropped 3.5 percent to 8,138.42.
The People’s Bank of China cut interest rates for the fifth time in three months after trade growth collapsed because of recessions in the U.S., Europe and Japan. The one-year lending rate will drop by 0.27 percentage point to 5.31 percent and the deposit rate by the same amount to 2.25 percent from today.
Oil producers: Crude oil futures dropped 5.8 percent to $39.91 a barrel in New York yesterday. The contract was recently at $39.66 in after-hours trading.
Cnooc Ltd. (883 HK), China’s biggest offshore oil producer, slipped 21 cents, or 2.9 percent, to HK$7. PetroChina Co. (857 HK), the nation’s largest oil producer, declined 20 cents, or 2.9 percent, to HK$6.81.
Cathay Pacific Airways Ltd. (293 HK): The company posted a 26 percent decline in sales of its first and business class seats in the second week of this month as a global economic recession damps demand, the South China Morning Post said, citing the airline’s Chief Executive Officer Tony Tyler. Cathay Pacific, Hong Kong’s largest carrier, lost 34 cents, or 3.9 percent, to HK$8.49.
China Communications Construction Co. (1800 HK): A unit of the company received a $100 million order for eight container cranes from Taiwan-listed Yang Ming Marine Transport Corp. Shanghai Zhenhua Port Machinery Co. will deliver the 40-foot cranes between May and July 2010, China Communications said yesterday. The stock fell 30 cents, or 3.1 percent, to HK$9.54.
China Life Insurance Co. (2628 HK): American International Group Inc. may list its American International Assurance unit in Hong Kong after selling a minority stake to strategic investors, Ming Pao Daily News reported. China Life is keen to buy shares in AIA to expand its earnings base outside its home nation to more than half of Asia, Ming Pao said. China Life, the nation’s biggest insurer, dropped HK$1, or 4.1 percent, to HK$23.50.
China Railway Construction Corp. (1186 HK): The builder of more than half the nation’s railroads won a contract worth 24.97 billion yuan ($3.6 billion) for a new line linking Guiyang and Guangzhou. The contract is equal to 14 percent of sales last year by Chinese accounting standards, China Railway Construction said yesterday. The shares added 16 cents, or 1.4 percent, to HK$11.88.
ESun Holdings Ltd. (571 HK): The company, building a studio and casino complex in Macau, said yesterday it has been restrained by a court order from a planned sale of shares and warrants to fund its media and entertainment businesses. The stock, suspended yesterday at 67 Hong Kong cents, will resume trading today.
Shaw Brothers (Hong Kong) Ltd. (80 HK): The controller of the city’s largest broadcaster said yesterday its largest stockholder has made a HK$1.33 billion ($172 million) offer to buy all the shares it doesn’t already own. The stock, due to resume trading today, climbed 4 cents, or 0.5 percent, to HK$8.13 on Dec. 12 before a suspension.
To contact the reporter on this story: Hanny Wan in Hong Kong at hwan3@bloomberg.net
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