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HSI Dips 78 pts; Cement & Paper Stocks Surge

 After opening up, Hang Seng Index retreated. Soon after opening up 12 pts this morning, Hang Seng Index retreated. It once plunged 220 pts to bottom at 27,751. At close, Hang Seng Index fell 78 pts or 0.3% to 27,894; Hang Seng China Enterprises Index fell 54 pts or 0.5% to close at 11,187. Market turnover amounted to $89.489 billion.

PRC bank stocks performed weakly. CCB (00939.HK)  -0.070 (-1.031%)    Short selling $126.23M; Ratio 9.409%   , BANK OF CHINA (03988.HK)  -0.040 (-0.985%)    Short selling $298.95M; Ratio 25.059%   , ICBC (01398.HK)  -0.080 (-1.365%)    Short selling $413.39M; Ratio 28.807%   sank 1%-1.4%. These three banks dragged Hang Seng Index by 53 pts. PRC insurer CHINA LIFE (02628.HK)  -0.300 (-1.230%)    Short selling $63.26M; Ratio 8.037%   fell 1.2%. As for PING AN (02318.HK)  +0.250 (+0.403%)    Short selling $527.03M; Ratio 27.733%   , its life premium income in the first eight months grew 37% yearly, sending up the stock by 0.4%.

Bucking the trend, cement stocks fared well. CNBM (03323.HK)  +0.630 (+12.525%)    Short selling $93.59M; Ratio 9.027%   , SINOMA (01893.HK)  +0.480 (+11.622%)    Short selling $1.82M; Ratio 0.804%   catapulted 12.5% and 11.6%. CONCH CEMENT (00914.HK)  +1.700 (+5.546%)   Short selling $135.89M; Ratio 19.868%   added 5.5%. China 's CEFC Energy considered to acquire stake in EN+, parent of RUSAL (00486.HK)  +0.120 (+2.034%)    Short selling $3.89M; Ratio 3.109%   ; RUSAL grew 2%. CHALCO (02600.HK)  +0.270 (+4.135%)    Short selling $59.48M; Ratio 9.913%   shot up 4.1%.

Paper stocks elevated. LEE & MAN PAPER (02314.HK)  +0.320 (+3.137%)    Short selling $34.18M; Ratio 13.336%  and ND PAPER (02689.HK)  +0.520 (+3.299%)    Short selling $44.65M; Ratio 10.726%   had their target prices raised by Citigroup, sending them up by 3.1% and 3.3% respectively. Also, CHENMING PAPER (01812.HK)  +1.000 (+7.321%)    Short selling $22.94M; Ratio 10.458%   and SUNSHINE PAPER (02002.HK)  +0.220 (+8.209%)   soared 7.3% and 8.2%.

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