U.S. Jobs Data Sideline Investors
May 18, 2011
The blue-chip Hang Seng Index lost 36.44 to 11040.51, while the broader All Ordinaries Index slipped 14.28 to 5318.70. Volume was at 3.526 billion Hong Kong dollars. ``There are some important figures being released Friday,'' said Stefan Agee, research manager at Mansion House Securities (F.E.) Ltd.. U.S. jobless rate and nonfarm payroll figures for August will be released Friday. ``There are still concerns about interest rates; if unemployment is beyond market expectations, we are going to see interest rates rise,'' he said. The financial subindex dropped 0.1%. British banking group HSBC Holdings was unchanged at HK$132. Hang Seng Bank slid 25 Hong Kong cents to HK$78.25 while Bank of East Asia slid 5 cents to HK$27.60. The utilities subindex rose 0.6%. Hongkong Telecommunications jumped 5 cents to HK$12.85, China Light & Power rose 10 cents to HK$32.40 and Hongkong Electric Holdings added 25 cents to HK$32.25. The property subindex fell 0.7%. Sun Hung Kai Properties dropped 50 cents to HK$74.25 while Henderson Land Development lost 25 cents to HK$60 ahead of its scheduled release of annual earnings May 24, 2011 Investment, which also reports its earnings May 24, 2011 10 cents to HK$8.20. The commercial and industrial subindex slipped 0.7%. Conglomerate Farr Scarlett shed 10 cents to HK$47.30 while mainland-backed CITIC Pacific dropped 60 cents to HK$33.10. The Hang Seng China Enterprises Index, which tracks mainland Class H shares, rose 1.1%.
