In December, China Machinery Engineering Corp., a builder of power stations, went public in Hong Kong thanks to five Chinese government-owned companies that bought almost a third of the $575 million offering. The stock has since fallen 24 percent.
Most Hong Kong stocks fell as rising China home prices dimmed prospects for easing of property curbs, outweighing comments by Federal Reserve Chairman Ben S. Bernanke that the U.S. is not on a preset course to taper stimulus.
Asian stocks rose, with the regional equities gauge on course to rebound from its biggest drop in two weeks, as a weakening yen pushed Japan’s Topix index to a seven- week high and industrial companies advanced.
Asian stock futures rose, indicating the regional equities gauge will rebound from its biggest drop in two weeks, as concern eased that a slowdown in Chinese growth will curb earnings ahead of the release of inflation data.
Asian shares rose this week, with the regional benchmark posting its biggest increase since April, amid signs the Japanese and U.S. economies are improving. Stocks in Hong Kong rebounded on optimism the recent rout amid concerns of a Chinese cash crunch was overdone.
Hong Kong stocks rose for a third day after slower-than-forecast U.S. economic growth signaled record stimulus may be maintained and amid speculation that the recent drop in the city’s shares has been overdone.
Australian banks posted the best risk-adjusted returns among global peers in the past 10 years, attracting investors with rising earnings and the highest dividend yields of the world’s biggest lenders.
Stock futures in Japan, Hong Kong and Australia fell, tracking declines in Europe and U.S. equities, as American jobs and factory data missed estimates and investors speculated whether the Federal Reserve will taper bond purchases.
Hong Kong stocks fell as rising consumer inflation and housing prices in China stoked concern the country will act further to rein in its economy. The city’s developers pared losses after a government land sale.