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- IFA Hotels & Resorts starts work on $952m Sharjah residential project
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16/11/2009 00:00 AST
In Hong Kong Friday, the Hang Seng Index added 0.7% to close at 22,554, and the Shanghai Composite Index rose 0.5% to end the day at 3,188. Shares fell in Tokyo, sending the Nikkei Index down 0.4% to 9,770.
According to the International Monetary Fund, Hong Kongs economic recovery is fragile. This was emphasized by figures showing a rise in GDP of only 0.4% -- lower than economists had forecast. Meanwhile, the Hang Seng continued its rise with banks registering gains today. Bank of China (BACHY) gained 3.2%, Industrial & Commercial Bank of China (IDBCY) rose 1.9% and Standard Chartered (SCBFF) added 2.9%.
HSBC (HBC) racked up a 1.8% gain after reporting positive third quarter gains earlier in the week. Today rumors are swirling that the bank will sell its East London headquarters building for £800 million ($1.3 billion) to Koreas National Pension Service, according to Reuters. The building is located on the Isle of Dogs at Canary Wharf, Londons newest financial hub.
For more on this:
http://www.dailyfinance.com/2009/11/13/asian-markets-shares-in-hk-rise-in-fragile-recovery/#
Daily Finance
| Ticker | Price | Volume |
|---|
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
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