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SOUTH CHINA MORNING POST:
- An almost threefold rise in rent will keep the Hong Kong stock market's trading hall open for the next three years - despite only 0.5 per cent of all trades being conducted on the floor.
- HKR International (0480) said yesterday it sold 100 flats at its Tung Chung residential project, Le Bleu Deux, over the weekend at an average of about HK$4,800 per square foot, generating HK$360 million.
- China Petroleum & Chemical Corp (Sinopec) has warned of a continued profit plunge in the third quarter after reporting a 77.3 per cent dive in its first-half earnings.
- Wuhan Iron and Steel Group, the third-largest steel company on the mainland, has expressed interest in the proposed sale of iron ore assets by Australia's Aquila Resources, according to sources.
- Shanghai Forte Land has cut its contract sales target in terms of floor area by 43 per cent this year as negative market sentiment has weakened buying interest.
- Aluminum Corp of China (Chinalco) got Australian approval to raise to 11 per cent its stake in Rio Tinto Group, the target of a hostile US$143 billion takeover by rival miner BHP Billiton.
THE STANDARD:
- The Hong Kong market is likely to advance several hundred points today following the strength on Wall Street Thursday and Friday, market watchers said, but whether the recovery can be sustained depends on whether the hoped-for rally in A shares materializes.
- China's leaders are carefully considering an economic stimulus package of about 370 billion yuan (HK$420.7 billion), including a 220 billion yuan new expenditure and 150 billion yuan of tax cut plan, that may ease the government's monetary policy by the end of the year, China Business News reported.
- The People's Bank of China has bought a stake of about 1 percent in British insurer Prudential, according to the Sunday Telegraph.
- If history is any guide, the mainland stock market should post strong performance - in both absolute and relative terms - over the next 12 months now the Beijing Games have ended.
- Yanzhou Coal Mining (1171) said its 2008 interim net profit soared 160 percent from a year ago to 3.9 billion yuan (HK$4.45 billion) on the increase in coal selling prices.
- Bank of China (3988), the last mainland bank to announce first-half results, is expected to post the lowest earnings growth due to a diminishing net interest margin and continued markdowns in subprime-related holdings.
- Asia's top refiner Sinopec Corp (0386) yesterday posted net profit of 8.26 billion yuan (HK$9.43 billion) for the first six months, down 77 percent from a year earlier, as a wider gap between soaring crude prices and state-capped fuel prices pushed its refining business into the red despite government subsidies.
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