China Casino Stocks
China Casino Stocks
Mixed trading day in Asia; Singapore shares up after national election – City Index Spread Betting Update
Jian Wei, Senior Dealer at spread betting provider City Index (http://www.cityindex.co.uk/), takes a look at the financial activity shaping the markets on 9th May 2011. Headlines include a rise for Singapore shares following a national election.
Asian markets were having a mixed today with the Japanese Nikkei down 0.7% on nuclear fears and the Hong Kong Hang Seng Index up around 0.9%.
Japanese stocks fell for a second day on concern that a government request to shut a nuclear reactor located close to an earthquake fault-line may hurt the economy. Chubu Electric Power Co, based in Nagoya in central Japan, plunged 11% after Japanese Prime Minister Naoto Kan asked it to close its Hamaoka nuclear plant. Tohoku Eelctric Power Co based in the northern Miyagi prefecture, sank 1.5% after the Asahi newspaper reported it may post a full-year loss.
In Singapore, the stockmarket was trading higher after the national election that saw the return of the ruling People’s Action Party (PAP) to an overwhelming majority.
Singapore’s Straits Times Index advanced 1.27% percent to 3,138.64, rebounding from the worst weekly decline in almost two months. Genting Singapore Plc, operator of one of two casino resorts in the city-state, jumped 2.86 percent to S$2.16.
Olam International Ltd., a Singapore-based supplier of agricultural commodities, climbed 3.25 percent to S$2.86 after the company said it will invest between A$50 million ($54 million) and A$55 million to set up an almond-processing facility in Victoria, Australia.
Both Shanghai and Shenzhen composite index opened slightly higher this morning in China and stocks saw an increase across the board.
Hong Kong’s Hang Seng Index was also trading higher this morning, up 0.92% to 23393.22 point. Real estate investing company led the rally in blue chip stocks: China Resource Land gained 4.04% or 0.52 to 13.4 per share and China Oversea land & investment Ltd advances 3.09%. Resources stocks rebound under the hike of oil price, with PetroChina declaring a 2.29% gain.
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