Market Scan Asia Hong Kong A notable exception, Geely Automobile Holdings jumped 19% to 2.13 Hong Kong dollars (27 cents) on company announcement that it would raise $334 million by selling convertible bonds and warrants to a Goldman Sachs ( GS - news - people ) affiliate. Hangzhou-based Geely, whose parent company has reportedly expressed interest in Volvo and Opel, said it would use the proceeds to fund capital expenditures and potential acquisitions, according to a statement filed with the Hong Kong stock exchange. http://www.forbes.com/2009/09/23/asia-briefing-close-markets-equity-china-commodities.html?partner=yahootix
Asian Markets Dip Lower Ahead of G-20
Robert Olsen and Hana R. Alberts, 09.23.09, 05:20 AM EDT
Awaiting news from the G-20 conference, investors longed commodities, shorted equities.
HONG KONG -- Chinese markets ended down Wednesday as investors, spurred by a weakening dollar, favored commodities and awaited news from the G-20 conference and the U.S.'s Federal Reserve.
Hong Kong's benchmark Hang Seng index closed down 0.5% at 21,595.52 points while the Shanghai Composite Index lost nearly 1.9% to finish at 2,842.72. Article Controls
Most Chinese companies finished lower on Wednesday as investors began to discount Sinopharm's debut gains amid worry that upcoming new listings and bond issuance will soon dry up buying demand.
A notable exception, Geely Automobile Holdings jumped 19% to 2.13 Hong Kong dollars (27 cents) on company announcement that it would raise $334 million by selling convertible bonds and warrants to a Goldman Sachs ( GS - news - people ) affiliate. Hangzhou-based Geely, whose parent company has reportedly expressed interest in Volvo and Opel, said it would use the proceeds to fund capital expenditures and potential acquisitions, according to a statement filed with the Hong Kong stock exchange.
Shares of Sinopharm Group surged 16% to 18.52 Hong Kong dollars ($2.37) on its first day of trading. The $1.13-billion IPO of China's biggest drug distributor marks the beginning of a long line of Chinese companies preparing to go public. Metallurgical Corporation of China Ltd. (MCC) will begin trading in Hong Kong on Thursday after it jumped 28% during its debut in Shanghai on Monday. MCC's $5.12 billion IPO was the second-biggest public offering of 2009, after China State Construction Engineering raised $7.3 billion in July.
India's benchmark Sensex 30 traded 0.5% lower at 16,794.54 on Wednesday afternoon. Several India companies, including construction and engineering firm Jaiprakash Associates and drug maker Cipla Ltd, raised a total of $530 million in share sales on Wednesday. Meanwhile, Ford disclosed Wednesday that it would produce a low-cost compact car called "Figo" in India from early next year. Ford is planning to double its production capacity at its Chennai factory to 200,000 vehicles a year. Rate This Story http://www.forbes.com/2009/09/23/asia-briefing-close-markets-equity-china-commodities.html?partner=yahootix
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A red dust storm that grounded planes and obscured landmarks from sight descended upon Sydney Wednesday after it blanketed the nation's capital, Canberra, the previous day. The S&P/ASX 200, the benchmark index for Sydney's stock exchange, ended the day at 4,734,10, up 1.51%.
The dollar weakened against the yen and the euro Wednesday, pushing up commodity prices. In resource-rich Australia, Rio Tinto ( RTP - news - people ) gained 2.3% to finish at 61.74 Australia dollars ($54.11), BHP Billiton ( BBL - news - people ) rose 0.9% to close at 38.35 Australia dollars ($33.61) and shares of another miner, Newcrest, gained 1.99% to 34.34 Australia dollar ($30.09).
In its annual review, Insurance Australia Group issued an optimistic forecast, reassuring investors that both its premium and its insurance margin would increase during this financial year. Shares of the country's second biggest insurer rose 1.3%, to 3.78 Australia dollars ($3.31), on the news.
Positive data from New Zealand reassured investors that the country was out of the depths of a recession. The island nation's economy eked out a gain in the quarter ending in June, expanding 0.1% after five straight quarters of contraction.
Japan's financial markets are closed for public holidays Monday through Wednesday this week.
09/23/2009 (07:14 ET) Geely Automobile to Lure Goldman Sachs as Investor - SinoCast 09/23/2009 (05:38 ET) Goldman Sachs invests 2.59 bln HKD in China's Geely - Xinhua News Agency 09/21/2009 (08:10 ET) Goldman Sachs PE Fund to invest USD250mn in Geely - SinoCast 09/17/2009 (08:02 ET) Geely Denies Acquisition of Volvo via Bonds Offering - SinoCast 09/17/2009 (08:02 ET) Geely Said to Buy into Opel - SinoCast 09/17/2009 (00:37 ET) CHINESE AUTOMAKER GEELY TO ISSUE CONVERTIBLE BONDS - AsiaPulse Pte. Ltd 09/16/2009 (10:08 ET) Geely to issue convertible bonds - Xinhua News Agency - Economic 09/15/2009 (11:01 ET) Geely confirms bid for Volvo - Xinhua News Agency - Economic 09/09/2009 (10:55 ET) GELYF: New 52-Wk High @ $0.300 up 9.09% - Knobias 09/09/2009 (07:59 ET) Geely Acknowledges Volvo Deal Formally for 1st Time - SinoCast 09/08/2009 (04:51 ET) Geely Automobile's profits up 145 pct in H1 - Xinhua News Agency - Economic 08/28/2009 (07:23 ET) Geely Holding to Assemble Cars in Russia - SinoCast 08/25/2009 (08:17 ET) Geely's Chengdu Plant to Start Running soon - SinoCast 08/21/2009 (07:11 ET) Geely Automobile Buying Land in Shandong - SinoCast 07/24/2009 (08:32 ET) Geely, Cherry Said to Build Plants in Indonesia - SinoCast 07/21/2009 (10:00 ET) GELYF: New 52-Wk High @ $0.285 up 7.55% - Knobias 07/20/2009 (09:51 ET) GELYF: New 52-Wk High @ $0.270 up 3.85% - Knobias 07/17/2009 (11:35 ET) GELYF: New 52-Wk High @ $0.255 up 2.00% - Knobias 07/02/2009 (08:19 ET) Geely to Install DSI Transmissions on 1.5L-plus Cars - SinoCast 06/25/2009 (08:45 ET) Geely Auto, Chery Auto to Enter Taiwan - SinoCast 06/18/2009 (10:53 ET) Geely's Volvo Purchase Plan Still Uncertain - SinoCast 06/18/2009 (09:07 ET) Chinese media reports sale of Ford's Volvo - United Press International 05/19/2009 (12:35 ET) GELYF: New 52-Wk High @ $0.195 up 8.33% - Knobias 05/12/2009 (05:24 ET) CHINESE AUTOMAKERS ACTIVE IN BUILDING LUXURY MODELS - AsiaPulse Pte. Ltd 05/12/2009 (04:21 ET) Chinese automakers active in building luxury models - Xinhua News Agency - Economic
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