HSI Weekly Movement

Weekly Market Statistics

Review & Outlook of Market Performance  

Ahead of the FOMC meeting on March 20, the HSI remained range-bound as investors were speculating on the extent of the interest rate cut, with majority hoping for a 75 bps rate cut. The markets were disappointed with the Fed cutting the rate by only 50-basis-point, and triggered a sell off. The local bourse was also weighed down. Property stocks were the hardest hit sector as major property developers (Cheung Kong, Sino Land and Henderson Land) announced disappointing interim or final results during the week. Sino land (HK$3.325) plummeted 19.55% w-o-w while Henderson Land (HK$38.10) plunged 12.07% w-o-w. Another big loser was Cheung Kong (HK$80.50), which slipped 10.25% w-o-w. SHK (HK$72.75) and New World (HK$9.70) were also lower, down 8.25% w-o-w and 9.28% w-o-w respectively. The property sub-index was down by 8.60% w-o-w. China Mobile also added downward pressure to the local index as investors concerned that there will be a possible price war in the mainland telecom industry. China Mobile (HK$33.30) dived 15.62% w-o-w while its rival, China Unicom (HK$8.85) shed 12.99% w-o-w. On the banking front, HSBC (HK$89.50, down 6.70% w-o-w) sank to it lowest level since last July. There were worries over a sharp decline in profit of HSBC’s European businesses due to a possible global economic slowdown as about 40% of HSBC’s profits are generated from Europe. Hutchison (HK$81.50) fell by 4.60% w-o-w as the company reported a 71% drop in net profit. The benchmark Hang Seng Index closed this week at a 17-month low of 12,583.36, down 938.68 points 6.9% w-o-w. Average daily turnover was HK$8.08bn, comparing with HK$8.51bn last week.

We see the market still lacks the catalyst for a meaningful rebound. Investors would continue to keep track of the latest economic situation of the US. As the recent US CPI figure was higher than expected, a generous cut in interest rates in the next FOMC meeting seems unlikely. Market sentiment should continue to be weak, as investors worried on a possible hard landing in the US and turned into a bearish cycle. The US market should continue to be volatile and the local bourse should see a wavy week. We seek the HSI should have strong support at the 12,000 level and 12,800 now seems the resistant level.

 Stock

 Stock Code

Closing price @23/03/01

(HK$)

W-O-W Changes

 Remarks / Comments

Absolute

%

Sino Land

Henderson Land

Hysan

Cheung Kong

0083

0012

0014

0001

HK$3.325

HK$38.10

HK$11.10

HK$80.50

-HK$0.65

-HK$4.60

-HK$1.90

-HK$8.25

-19.55%

-12.07%

-17.12%

-10.25%

The property plays were battered after disappointing interim or final results were reported

China Mobile

0941

HK$33.30

-HK$5.20

-15.62%

The china telecom giant tumbled 15.62% w-o-w as investors worried over the effect of a possible mainland telecoms price war.

Legend

Li & Fung

0092

0494

HK$5.35

HK$12.10

-HK$0.15

-HK$0.80

-2.80%

-6.60%

The duals fell on the tumble of Wall Street and lingering worries of a hard landing in the US.

Hutchison Whampoa

0013

HK$81.50

-HK$3.75

-4.60%

The ports-to-telecom conglomerates slipped after announcing a 71% drop in its FY00 profits.

HSBC

0005

HK$89.50

-HK$6.00

-6.70%

The banking giant suffered heavy losses as investors feared a sharp drop in business confidence in Europe, HSBC’s biggest market.

SHK

New World

0016

0017

HK$72.75

HK$9.70

-HK$6.00

-HK$0.90

-8.25%

-9.28%

The two developers extended their losses in last week amid the poor sentiment on the property counters.

 Stock

Stock Code

Closing price @23/03/01

(HK$)

 W-O-W Changes

 Remarks / Comments

Absolute

%

China Everbright

0165

HK$6.30

-HK$0.75

-10.64%

The financial conglomerate extended last week’s fall and closed at a recent low since 24^th October 2000.

 Stock

 Stock Code

Closing price @23/03/01

(HK$)

 W-O-W Changes

 Remarks / Comments

Absolute

%

Huaneng Power International

0902

HK$3.975

-HK$0.15

-3.77%

Investors took profit on the stock after gains in the previous week due to the higher than expected results reported. 

Sino Land Properties (0083)

 Turnover

 (HK$m)

Operating profit 

(HK$m)

Share of results of associates

 (HK$m)

 Net profit 

(HK$m)

 EPS

HK cents

 DPS

HK cents

FY01 Interim results

849.92

(-4.12%)

488.15

(-32.87%)

88.99

(-76.10%)

207.60

(-70.69%)

5.71

(-71.83%)

2

(-60%)

• Sino Land recorded a net profit of HK$207.6 million for the interim period ended 31/12/2000, substantially down 70.69% from HK$708.19 million a year earlier.  There were losses from sale of property development and declining profits from securities trading and investment. Turnover was marginally down by 4.12% to HK$849.92 while share of results of associates plunged by 76.10% to HK$88.99 million for the six-month ended 31/12/2000. The slide in share of associates was probably due to some loss-making joint-venture projects eroding the bottom line. Property rental, financing and management services continued to be the largest contributors to operating profits of the company which accounted for 57.41%, 22.57% and 18.19% respectively of the attributable operating profit at HK$650.56 million. The result was well below market expectations.

• Property sales- during the six-month period, sales revenue was mainly attributed to the sales of units in Springdale Villas, Island Habourview and Bayview Park. Property sales revenue was HK$85.6 million, down 45.8% compared to HK$157.92 million a year ago. Owing to the relatively high land costs for the property units, the company reported a loss of HK$12.09 million from property development and investment, compared with a profit of HK$80.91 million in the same period last year. The company had completed three development projects with a total attributable GFA of 834,673 sq ft in 1H01.

• Rental income- total rental revenue was HK$415.52 million for the interim period, a gain of 15.35% over the corresponding period of last year. The major investment properties maintained high occupancy rate and satisfactory rental growth. The company’s investment portfolio increased to 7.4 million sq ft from the previous level of 6.6 million sq ft. The increase was mainly attributed to recently completed projects, including 148 Electric Road, the MTR Olympic Station Site C (Office Tower), the retail shops at Sprindale Villas, a 400-room hotel The Fullerton Singapore and One Fullerton, a commercial building. 

• Financing and management services- the profit contribution from financing dropped 13.73% to HK$146.83 million while profit attributable to management services fell slightly by 3.94% to HK$118.35 million during the period.

• Securities trading and investment- contribution from securities trading and investment fell 85.9% to HK$23.96 million, while unrealised gain on investment was trimmed to HK$3.66 million from HK$151.97 million.

• The company, including the attributable shares of its associated companies, had cash resources of approximately HK$7,406 million. The balance consisted HK$2,193 million of cash in hand and HK$5,213 million of undrawn facilities. As at December 31, 2000, the company had an unaudited net asset value of HK$7.46 per share. In January 2001, the company raised some HK$783 million through placement of 180 million shares at HK$4.35 per share, representing 4.7% of the enlarged issued capital of the company. There were no material changes in the borrowing of the company, except a net increase in Singapore dollar borrowing of S$24 million for the development of The Fullerton Singapore. Finance costs for the period was HK$336.5 million while net debt was registered at HK$5.7 billion. The gearing of the company was 26%. However, with the inclusion of advances from its associates, gearing was estimated to be over 40%. Average borrowing cost during the period was HIBOR+0.8% while interest cover was 1.45 times, down from 2.15 times during the corresponding period last year.

• During the period, the company had acquired four pieces of land with total GFA of 1.02 million sq ft through public auctions. The total size of the land bank was 15.9 million sq ft of which development for sale accounted for 43%, development for investment accounted for 5%, completed properties for sale accounted for 5% and completed investment properties was 47%.

• The company expects to complete three development projects at Island Resort, Wydham Street and MTR Kowloon station respectively with a total attributable GFA of 1.76 million sq ft in the second half of FY00/01. The company has actively replenished its land bank. An additional 2.2 million sq ft were acquired in the last two years at more reasonable prices, which should provide higher prospects for profit in the coming years.

Hysan Development (0014)

 Turnover

 (HK$m)

Operating profit 

(HK$m)

Share of results of associates

 (HK$m)

 Net profit 

(HK$m)

 EPS

HK$

DPS

HK$

FY00 final results

1,480

(-35.52%)

1,475

(-26.09%)

4

(N/A)

850

(29.39%)

0.82

(-29.31%)

0.42

(-5.00%)

• Hysan reported a net profit of HK$850.17 million for the fiscal year 2000, down 29.39% on declines in rental income and non-recurring gains from property sales when compared to the net profit of HK$1,203.96 in FY1999. Turnover totalled HK$1,480.25, decreasing sharply by 35.52% as there was a non-recurring gains of HK$482.56 million from property sales in 1999. The company’s rental income fell by 13.78% to HK$1,150 million in 2000, mainly due to rental revisions at lower rents. Property sales contributed only HK$0.4 million to turnover for the year, declining 99.94% when compared to HK$647.48 million in the previous year. Excluding sales of investment properties, net profit rose 17.8% to HK$849.82 million against HK$721.4 million last year. Rental income remained the main earning driver and accounted for 99.7% of total turnover (1999:71.6%).

• The occupancy rate of Hysan’s office portfolio stayed high at 97%. The core retail portfolio located in the hub of Causeway Bay also saw a good year at a fully-let position. The market for high-end residential premises, which the company focused, had been healthy. The company plans to carry out repair and refurbishment of the Bamboo Grove residential apartments to further strengthen its position as a high- quality complex. The investment portfolio of the company comprised office, retail and residential properties with a total GFA of 4.67 million sq ft. The company’s investment portfolio, as valued by external independent valuers, increased by 13% to HK$28,433 million (1999:HK$25,173 million). Improved values reflected the generally improved property investment markets in which the company operates.

• The company recorded a HK$293.84 million gain on the disposal of investment in securities against HK$165.91 million a year earlier. The gain was mainly generated from the sale of China Mobile (Hong Kong) shares. The company still holds about 33 million of China Mobile (Hong Kong) shares.

• As a result of debt reduction in 1998-2000 and improved investment property value, the company’s net debt amounted to HK$3,430 million for the year. With shareholders’ funds of HK$23,159 million, the company had a gearing of 14.8%, improved from 16.5% last year. Net finance costs totalled HK$449 million, down from HK$526.8 million in 1999. Net interest cover dropped from 4.2 times a year ago to 3.6 times while debt repayable within one year decreased to HK$816 million (15.98% of total debt) from HK$1,953 million a year earlier. The sources of fund (HK$5,106 million) at the end of the year comprised capital market issuance (47%), bank bilateral loans (33%) and syndicated loans and club loans (20%). During the year, the company maintained its credit rating of BBB+ from Standard & Poor’s Rating Agency. Net asset value per share rose 15.28% to HK$22.48 (1999:HK$19.50) due to the appreciation in valuation of the investment portfolio.

CITIC Pacific (0267)

 Turnover

 (HK$m)

Operating profit 

(HK$m)

Share of results of associates

 (HK$m)

 Net profit 

(HK$m)

EPS

HK$

DPS

HK$

FY00 final results

16,008

(-39.40%)

2,445

(+8.20%)

139

(-12.78%)

3,430

(+15.60%)

1.56

(+12.20%)

0.85

(-69.1%)

• CITIC Pacific reported a 16-percent growth in net profits to HK$3.43 billion in the year ended 31^st December 2000, slightly above market consensus that forecast an 11-percent rise in the company’s full-year profits. The growth is attributed to a recovery in the company’s aviation business and lower interest rates. Revenue fell 39.4 percent to HK$16 billion. Net financing costs dropped sharply to HK$614 million from HK$1.09 billion a year earlier.

• Earnings per share were HK$1.56 for the year ended 31^st December 2000, up 14.3% from HK$1.39 a year ago.

• CITIC Pacific will pay a final dividend of HK$0.65 a share, up from HK$0.55 a year earlier. Total dividend for the year will be HK$0.85. No special dividend was proposed this year. The company paid a special dividend of HK$2.00 per share for the year ended 31^st December 1999 on disposal of a 15-percent stake in CLP Holdings.

• 41 percent of the company’s profit after tax before minority interests in FY00 came from its aviation operations, primarily its investment in Cathay Pacific Airways and Hong Kong Dragon Airlines. The group just had a 2-percent growth in its infrastructure business in FY00, but its power business slumped 54.2 percent.

• According to its management, the company currently has cash in hand and bank credits of HK$12 billion, which it plans to use for investments in telecom, aviation and power businesses. The company also said they would seek more yuan-dominated financing, aimed at lowering currency risk.

• In FY00, the company purchased a 60-percent stake in the 32,000-kilometer-long "China Express Number One Backbone Network," a center-ring linking Beijing, Wuhan, Guangzhou, Shenzhen and Shanghai. The company said it had lodged an application for a licence to operate the network through a unit held by its parent China International Trust & Investment Corp. and the Ministry of Information Industry. According to the company’s management, that unit has already had a telecom licence and is expected to be granted the network licence within this year. The management is optimistic that the network will start contributing profits as early as the fourth quarter of this year. However, as China does not allow currently foreign control over operation of its telecom infrastructure, CITIC Pacific will sell stake in the network after the licence is granted and water down its shareholding below 50 percent. 

• The management also said the rate of return of its 50 percent stake in CITIC Guoan, a cable-TV arm aimed at complementing its China Express Number One backbone, had not been affected by the lowered telecoms tariffs in the mainland. The company expected the number of subscribers to jump from the current 4 million to 6 million-7 million by the end of this year.

• The Civil Aviation Administration of China earlier said it planned to reduce its holdings in the 10 airlines under its control. Despite that no timetable is provided, CITIC Pacific has expressed interests in expanding its aviation businesses in China. It said it is currently seeking strategic partners and aims to benefit from China's accession to the World Trade Organization. Main prospects will lie in airport, freight transportation and related operations. 

Cheung Kong    (0001)

 Turnover

 (HK$m)

Operating profit 

(HK$m)

Share of results of associates

 (HK$m)

 Net profit

 (HK$m)

EPS

HK$

DPS

HK$

FY00 final results

9,341

(+14.01%)

2,519

(+98.66%)

18,007

(-68.95%)

19,436

(-67.26%)

8.42

(-67.41%)

1.60

(+15.94%)

• On Hutchison reporting a 71% drop in attributable profits, Cheung Kong’s net profit was down 67.26% to HK$19,436 million for the fiscal year 2000 (FY1999: HK$59,373 million). Turnover of the company grew 14.01% to HK$9,341 million against last year’s HK$8,193 million, reflecting increased property completions, higher occupancy rates and higher rental income from grade-A offices. Profit before share of results of Hutchison rose 17.24% to HK$2,387 million from HK$2,036 million a year earlier. Contributions from the 49.96%-owned Hutchison remained the chief earnings driver for Cheung Kong and accounted for 87.72% of net profit (1999: 96.57%).

• Turnover from property sales went up 12.08% from HK$7,371 million last year to HK$8,262 million in 2000 due to the increased property completions for sale. No specific provision for property projects was made versus a HK$1,263 million provision in the previous year. During the year, the company had completed seven projects with a total attributable GFA of 493,036 sq ft. The company enjoyed higher rental revenues, up 76.49% to HK$593 million from last year’s HK$336 million as occupancy rate and rental billings were boosted by increased demand. The completion of the office building and shopping arcade at the Beijing Oriental Plaza Phase 1 will add another 188,000 sq ft to Cheung Kong’s portfolio of investment properties. Moreover, the company recorded a HK$74 million profit from real estate agency and management services, while profit from hotel operation for the year was HK$4 million. 

• As at 31^st December, 2000, the company’s borrowings amounted to HK$21.1 billion representing an increase of HK$3.4 billion over the previous year. Debt repayable within one year totalled HK$7.3 billion, accounting for 34.60% of total debt outstanding. Net debt was HK$18.7 billion. The gearing ratio remained healthy at 11.7% (1999: 10.1%) while interest expenses increased to HK$725 million, compared to HK$667 million a year ago due to the increased loan amount. Interest cover was 3.47 times for the year, up from last year’s 1.90 times. Cash and bank balances was HK$2.4 billion.

• At the end of 2000, the company held a total of 36 million sq ft of land bank in Hong Kong, compared to 23.4 million sq ft a year earlier. Agricultural reserves and overseas land bank stood at 10 million sq ft. The existing land bank was sufficient to ensure a steady supply of properties in the coming four to five years.

• The company plans to complete 8 projects with a total GFA of 767,342 sq ft in FY2001 and expects to release around 3,000 property units for sale. Singapore is another market that the company is eyeing for further expansion following the award of a site on Marina Boulevard by the Singapore Urban Development Authority for S$461.8 million. The site will be developed by a consortium comprising Cheung Kong, Keppel Land and Hong Kong Land. Besides the investment in Singapore, the company also invested HK$60 billion in China and expects to invest extra billions of dollars in the future. Rental contribution is expected to rise to 20% from 15% of operating profits in the next few years. In order to exploit potential from new technology business, the company had established Cheung Kong Technology, which is involved in the biotech business but no details was provided at the moment.

Hutchison(0013)

 Turnover

 (HK$m)

Operating profit 

(HK$m)

Share of results of associates

 (HK$m)

 Net profit

 (HK$m)

 EPS

HK$

 DPS

HK$

FY00 final results

57,022

(+2.84%)

13,347

(-0.24%)

3,494

(+58.17%)

34,118

(-70.93%)

8.00

(-70.94%)

1.73

(+16.37%)

• Hutchison Whampoa reported a net profit of HK$34,118 million for the year ended 31^st December 2000, down 70.93 percent from 1999’s record-high profit of HK$117,345 million which included the profit generated from the group’s disposal of a 49.01 percent stake in Orange Plc.

• Earnings per share were HK$8.00 compared with HK$27.52 a year earlier after adjusting for the bonus share issue last year (a one-for-ten bonus share issue on 26^th May 2000).

• The group made an additional HK$4-billion provision in the second half of the year for its remaining 3.5-percent stake in Vodafone Group Plc, bringing the full-year total provision to HK$34 billion.

• On the other hand, the group recorded during the year a one-time gain of HK$50 billion from (i) the deemed exchange of a 10.2-percent interest in Mannesmann AG for some 5 percent interest in UK-based Vodafone and (ii) another HK$1.6-billion profit from the subsequent sale for cash of one third of its Vodafone shares. A profit of HK$2.2 billion from the sale of a 19-percent stake in its mobile phone operations in Hong Kong to NTT DoCoMo as well as another HK$1.72-billion profit from the sale of a 50-percent interest in the local fixed-line business to Global Crossing were also recorded. The merger of Husky Oil with Renaissance Energy also reaped in HK$4.22 billion for the group.

• Excluding all the exceptional profits less HK$34-billion provision versus its investment (mainly Vodafone), the group’s results increased 7 percent over 1999.

• A final dividend of HK$1.22 per share was proposed, up from HK$1.046 per share a year earlier. Total dividend per share will be HK$1.73, up 16.73 percent from last year.

• In its telecom businesses, Hutchison Whampoa reported an EBIT of HK$476 million, down 16 percent from 1999 but the figure did not include one-time profits from related investments. Its mobile operations in Hong Kong recorded positive EBIT and increased its subscriber base by 22 percent to 1.7 million during last year, giving them a 32-percent market share and a status of the biggest mobile phone company in the SAR. The management also confirmed the company would bid for a 3G mobile phone license in Hong Kong later this year. 

• In the US, shareholders of VoiceStream agreed on 13^th March to a proposed merger with Deutsche Telekom and the cash-and-share exchange transaction is expected to be completed around end of May this year, subject to regulatory approval. The management said the profit on disposal would be recorded in accordance to Deutsche Telekom’s share price at that time. Meanwhile, Hutchison Whampoa’s 18.4-percent stake in VoiceStream is valued at HK$46 billion, versus a cost of HK$10 billion. 

• In Europe, Hutchison Whampoa has been granted 3G-spectrum licences in the UK, Italy, Austria and Sweden through joint ventures. Although no details were given, Hutchison Whampoa’s Chairman Li Ka-shing hinted yesterday that the group might bid for a 3G licence in another European country. The company has not booked the profit from the sale of its 35-percent stake in its UK 3G business to KPN and NTT DoCoMo (£2.1 billion) last year. The sale/profit will help offset the capital investment required by its European 3G operations in future.

• The group’s ports and related services reported an EBIT of HK$5.34 billion, up 11 percent from a year earlier. The combined throughput of its worldwide operations was up 40 percent to more than 25 million TEUs. Its Hong Kong operations at Kwai Chung recorded a 10-percent growth in combined throughput due to an increase in trade volumes in the Asian region and globally. A 24-percent growth was also recorded in its container terminal operations in mainland during the year. Throughput at Shanghai Container Terminal rose 14 percent while that of Shenzhen’s Yantian facility was up 35 percent. Meanwhile, the group revealed that they reached an agreement with mainland authorities to invest in the Ningbo container port.

• Hutchison Whampoa’s property and hotels division reported an EBIT of HK$1.54 billion, down 34 percent from the previous year due to slower property sales. Gross rental income from its investment properties, mainly in Hong Kong, rose 4 percent during the year, thanks to a full-year contribution from its Cheung Kong Center office tower.

• The group’s retail and manufacturing division reported an EBIT of HK$665 million, up 358 percent after adjusting for non-recurring profits (mainly from mainland joint venture with Proctor and Gamble in 1999) a year ago. Improved earnings were seen in Fortress’ businesses in Hong Kong as well as Watson’s in South East Asian countries other than Hong Kong and Taiwan. ParkNShop in Hong Kong has also increased its market share and sales were growing despite a price war in the city. 

• The energy / infrastructure / finance & investments division reported EBIT of HK$11.55 billion, up 55 percent from a year earlier, due to a strong performance of its Husky Oil unit and the returns earned from its cash-on-hand of more than HK$200 billion.

Henderson Land         (0012)

 Turnover 

(HK$m)

Operating profit 

(HK$m)

Share of results of associates

 (HK$m)

 Net profit 

(HK$m)

EPS

HK$

DPS

HK$

FY01 Interim results

4,985

(-59.04%)

1,968

(-62.10%)

664

(+52.09%)

2,096

(53.17%)

1.22

(-53.08%)

0.55

(unchanged)

• Henderson Land recorded a net profit of HK$2,096.17 million for the six month ended 31/12/2000, falling 53.17% from last period’s HK$4,476.23 million as property sales decline. Turnover slid 59.04% to HK$4,985.33 million while operating profit was HK$1,968.07 million, down 62.01% when compared with HK$5,192.35 million in last year’s interim period. Properties sales and rental income remained major profit contributors, accounted for 50.9% and 31.77% respectively. Another key contribution to profit was a HK$582.26 million gain on the spin-off of its information technology arm, Henderson Cyber on the GEM in July last year. Deficits on revaluation of investment in securities totalled HK$129.74 million for the interim period, probably provision made against its strategic holding in Sinopec shares. The result was a bit below market forecasts.

• Turnover of property sales plunged 71.27% to HK$3,079.46 million from 10,717.83 million. Operating profit was HK$1,001.79 million, down from HK$5,379.76 million a year earlier. The company had sold and pre-sold more than 2,000 units, worth HK$3.32 billion, in the first half of FY2001. Development margin fell from 50.19% to 32.53%. During the period, the company completed three development projects in Hong Kong with a total GFA of 1.063 million sq ft and one 165,870 sq ft project in China.

• Gross rental income jumped 30.19% to HK$970.58 million as the shopping podium of the Metro City, Phase I & II and the One International Finance Centre began to generate rental income. The occupancy rate stayed high at 93% for the shopping arcades. Other investment properties were nearly fully let. As of 31/12/2000, the total attributable GFA within the company’s investment property portfolio amounted to 6 million sq ft.

• The recent acquisition of a 50% stake in a 1.3 million sq ft Sai Wan Ho site helped the group build up its development land bank. As of 31/12/00, the total development land bank of the company amounted to 21.28 million sq ft while agricultural reserves totalled 23.3 million sq ft. During the period, six industrial and industrial-office sites, involving GFA of 1.03 million sq ft, had obtained approval for the change of land use for commercial redevelopment purpose.

• The company plans to offer 5,000 new units for sale this year, mostly in urban areas. Seven development projects with a total GFA of 1.609 million sq ft had commenced presale and sale, together with one PRC project in Guangzhou. Meanwhile, the joint development of the International Finance Phase II is expected to have pre-leasing activities in the near future.

Indicator

Change/Index

Comments

Consumer price index- February

+0.3% y-o-y

Consumer prices rose 0.3% y-o-y in February after a 0.6% y-o-y gain the previous month. The core CPI, which strips out volatile food and energy prices, rose 0.3% y-o-y in February, matching a 0.3% y-o-y gain in January. The consumer prices were boosted by jumps in the cost of clothing, medical care and airlines tickets.

Trade balance- January

Deficit US$33.26bn

Trade deficit increased by 0.2% to US$33.26bn in January. Trade deficit to the PRC surged by 19.3% to US$7.2bn while trade deficit to Japan reduced by 3.1% to US$5.9bn. In January total export and import increased by 0.5% and 0.4% to US$89.7bn and US$122.9bn respectively.  

26^th March, 2001 (Monday)

HK

US

:-

:-

February 2001 external trade figures

Li & Fung Ltd (0494)- Final results

Wharf (Holdings) Ltd (0004)- Final results

Existing home sales for February

27^th March, 2001 (Tuesday)

US

:-

Durable goods for February

28^th March, 2001 (Wednesday)

HK

:-

PCCW (0008)- Final results

29^th March, 2001 (Thursday)

HK

US

:-

:-

January 2001 price, volume of external trade

Final Q4’00 Gross Domestic Product

30^th March, 2001 (Friday)

HK

US

:-

:-

Monetary statistics for February

Personal In come for February

Disclaimant  

This report has been prepared solely for information purposes and we are not soliciting any action based upon it. Neither this document nor its contents shall be constructed as an offer, invitation, advertisement, inducement or representation of any kind or form whatsoever. The information is based upon information which we consider reliable, but accuracy or completeness is not guaranteed. Opinions expressed herein are subject to change without notice. East Asia Securities Company Limited and other associated with it may have positions in the securities of the company or companies mentioned herein.