Hong Kong shares drop as Q3 results disappoint

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Source: Dukascopy Bank SA
© Scanpix/AP
Hong Kong shares sank on Friday on weak quarterly results of the Hang Seng majors. However, positive US data releases limited losses of the Hong Kong blue chips. The Hang Seng Index lost 1.21% to close at 21,545.57. All sectors included in the index declined. The top-losers were basic materials. Aluminum Corp of China (CHALCO) slumped 5.05% on news that aluminum inventories in China more than doubled this year. Telecommunications and industrials also moved lower. China Unicom Hong Kong went lower by 7.56% after it posted a 27% increase in Q3 profits. Analysts expected better results. Meanwhile, financials followed bearish trend. Bank of China dipped 2.25% despite reporting strong quarterly profits on Thursday. China Construction Bank moved lower by 1.03% ahead of its earnings report due after the market close.


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Fri, 26 Oct 2012 17:23:48 GMT

UK equities move higher after US GDP reading

UK shares retreated on Friday after news that US economy grew more than expected in Q3. However, persistent concerns that companies' profits deteriorated last quarter  created heavy pressure on the UK equities. The FTSE 100 Index gained 0.07% to trade at 5,809.12. Five out of ten sectors within the index advanced. The top-performers were basic materials and oil and gas

Fri, 26 Oct 2012 16:39:52 GMT

Japanese equities tumbled on weak quarterly results

Japanese equities dropped from four-week high on Friday on concerns that companies will continue to disappoint investors reporting dismal quarterly results. An increased cautiousness ahead of the US GDP data release also pushed the Japanese stocks lower. The Nikkei 225 Index shed 1.45% to end the week at 8,933.06. Only one in ten sectors included in the index eased up.

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