HSI Falls 253 pts; Financials WeakenHang Seng Index once tumbled up to 358 pts to 25,177 after opening down 134 pts this morning. The index last printed at 25,282, down 253 pts or 1%. Hang Seng China Enterprises Index fell 137 pts or 1.2% to 11,734. The market turnover amounted to $81.731 billion, less than $100 billion for five consecutive days.Hong Kong bourse traded with a narrowing turnover for consecutive days. HKEX (00388.HK) -6.200 (-2.715%) Short selling $234.57M; Ratio 11.552% once touched the session-low of $220 and closed down 2.7%. The local Tech shares generally headed south, dragged down by lower-than-expected results reported by Apple, IBM, and Yahoo. TENCENT (00700.HK) -2.100 (-1.341%) Short selling $258.65M; Ratio 16.305% dropped 1.3%. LENOVO GROUP (00992.HK) -0.240 (-2.589%) Short selling $137.89M; Ratio 30.720% also slid 2.6%. KINGSOFT (03888.HK) -0.850 (-3.712%) Short selling $18.98M; Ratio 14.095% and KINGDEE INT'L (00268.HK) -0.170 (-4.057%) Short selling $15.03M; Ratio 10.702% collapsed 3.7% and 4.1% respectively."Apple Concept" stocks were under pressure after iPhone sales missed estimates, with FIH (02038.HK) -0.180 (-3.982%) Short selling $2.95M; Ratio 6.961% , AAC TECH (02018.HK) -3.050 (-6.854%) Short selling $118.09M; Ratio 48.585% , COWELL (01415.HK) -0.530 (-7.840%) and SUNNY OPTICAL (02382.HK) -0.620 (-3.429%) Short selling $18.68M; Ratio 20.694% down 4%, 6.9%, 7.8% and 3.4%, separately.Financials weakened as HSBC HOLDINGS (00005.HK) -0.700 (-0.988%) Short selling $12.50M; Ratio 2.017% receded 1% to $70.15 and AIA (01299.HK) -0.650 (-1.275%) Short selling $56.02M; Ratio 6.166% went down 1.3%. Chinese financials hit the soft spot across the broad. Four biggest banks declined by 0.8%-1.4%. PING AN (02318.HK) -0.700 (-0.719%) Short selling $152.00M; Ratio 9.250% and CHINA LIFE (02628.HK) -0.050 (-0.157%) Short selling $159.48M; Ratio 15.066% decreased 0.7% and 0.2% respectively. NCI (01336.HK) -1.400 (-3.608%) Short selling $20.21M; Ratio 11.112% and PICC GROUP (01339.HK) -0.160 (-3.678%) Short selling $92.18M; Ratio 33.079% plunged 3.6% and 3.7%.
CLSA lowers Beijing Ent Water (00371) to HK$6 CLSA cut its target price for Beijing Enterprises Water (BEW)(00371) by 8% to HK$6, and reiterated its "buy" rating. The research house said BEW's share price has dropped 14% in the last two trading days. First, the 2017 earnings results are below expectations. Second, management is guiding for 20-25% net profit growth for 2018, versus 30% in the past few years. Management now has a cautious approach to water PPP (public-private partnership) projects, which is not necessarily bad. CLSA cut its 2018-19 earnings forecasts by...
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