HK Shares Flat, Gold Edges Up
World Economy

HK Shares Flat, Gold Edges Up

Hong Kong shares ended almost flat on Monday, as data shows that China’s factories suffered their fastest drop in activity for a year as new orders fell. The China HSBC PMI index dropped to 48.9 in April – the lowest level since April 2014 - from 49.6 in March, Reuters reported.
Although the weak data stoked expectations of fresh stimulus by the Chinese government, it also adds to worries that sectors such as banks could suffer from the slowdown.
The Hang Seng index ended unchanged at 28,123.82, while the China Enterprises Index gained 0.2 percent, to 14,459.15 points. Cheung Wo International Holdings Ltd surged 73 percent in unusual trading, but the company said it was unaware of any reasons behind the recent surge in the share price and trading volume.
Sun Hung Kai Properties jumped 4.1 percent, after the Hong Kong Economic Journal reported that the company’s nine major shopping malls in Hong Kong generated HK$189 million in revenue during the first three days of May, up 12 percent from the same period a year ago.

 Gold Rises
Gold edged up on Monday after three days of losses, but the metal wasn’t too far from a six-week low as investors continued to speculate on when the Federal Reserve might raise US interest rates.
Spot gold ticked up 0.4 percent to $1,183.08 an ounce Friday. Bullion suffered sharp losses last week after the Fed said it saw the recent slowdown in the US economy as transitory and was not ruling out an interest rate rise this year.
“Gold has proven one time too many that it prefers to stick to $1,200 amid large fluctuations and I am inclined to believe that the precious metal may slowly edge back to that level just before Friday’s nonfarm payrolls,” said Howie Lee, an analyst at Phillip Futures.
Asian stocks bounced off lows as the weak data reinforced expectations that Beijing could roll out fresh support measures soon for the world’s second-largest economy.


Short URL : http://goo.gl/ehCR6i

You can also read ...

More and more Thai merchants are integrating WeChat Pay and Alipay’s systems to cater to tourists.
The internet has changed the way most people live. Through...
Cambodia’s economic outlook remains positive, but is subject to downside risks.
The IMF Managing Director Christine Lagarde expressed optimism...
Qatar Calls to Investigate UAE Bank’s Bogus Deals
Qatar has asked US regulators to investigate the US subsidiary...
More India Bank Frauds Revealed
Over 25,800 fraud cases involving about Rs179 crore ($1.79...
Free trade achieves more good for the planet.
US President Donald Trump’s steel tariffs have brought the...
Morocco Currency Reform on Right Track
Few weeks after the launch of the gradual dirham float, the...
EU Readies Tax on US Technological Titans
The European Union will next week unveil plans for a digital...
Apparel imports from ASEAN are growing, spurred by low labor costs  in such countries as Vietnam.
Import prices for apparel and daily goods in Japan plunged...