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2009-6-30 11:35:00 a.m. HKT, XFNA
DJ MARKET TALK: HK Banks Higher; CNY Settlement Deal Aids - ICBCI
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| 1122 [Dow Jones] HK banks mostly higher, supported by growing hopes of M&As with mainland counterparts after deal on CNY settlement signed yesterday between PBOC and HKMA, says Ernie Hon at ICBC International. "The deal will allow companies in Hong Kong and China to settle trade in (China yuan) and other currencies, will add incentives for mainland banks to increase their presence in the city," he says. Adds this move a first step for HK to become CNY offshore center, which in turn paves way for an ultimate full convertibility of CNY. Within sector, Dah Sing Banking (2356.HK) +2.5% at HK$7.82, Bank of East Asia (0023.HK) +1.0% at HK$24.15, while Wing Hang (0302.HK) down 1.6% at HK$71.70, extending Monday's 1.5% fall, after rising 20.5% in 2 sessions between June 24 and June 26 on market chatter over potential M&A leads.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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