Bloomberg News

Adani, Cheung Kong, Sony, Sun Hung Kai: Asia Stocks Preview

June 22, 2012

The following companies may have unusual price changes in Asian trading on June 25.

Stock symbols are in parentheses and share prices are as of the latest close. The information in each item was released after markets shut unless stated otherwise.

Hong Kong developers: A Centaline Property Agency index of used home prices increased to a record 104.14, the company said in an e-mailed statement.

Sun Hung Kai Properties Ltd. (16) (16 HK), Hong Kong’s biggest developer, slid 0.5 percent to HK$89.20. Cheung Kong (Holdings) Ltd. (1 HK), controlled by billionaire Li Ka-shing, fell 1.2 percent to HK $91.35.

Adani Power Ltd. (ADANI) : The utility controlled by Indian billionaire Gautam Adani plans to refinance as much as 90 billion rupees ($1.6 billion) of loans denominated in rupees and dollars, according to a person familiar with the matter, who asked not to be identified because the details are private. The stock rose 1.6 percent to 47.2 rupees, a third day of gains.

Greentown China Holdings Ltd. (3900) (3900 HK): The Chinese developer that has been divesting assets to raise cash agreed to sell its stakes in nine real estate projects to Sunac China Holdings Ltd. (1918) (1918 HK) for 3.37 billion yuan ($530 million). The companies said they have applied to resume trading on June 25 after being suspended pending the announcement. Greentown last traded at HK$8.07. Sunac was last at HK$3.08.

GS Engineering & Construction Corp. (006360) (006360 KS): The South Korean builder said the value of a 2010 order it received from Canada to build oil-sand facilities was increased to C$523 million ($509 million) from C$311.4 million, according to a regulatory filing. The shares dropped 3.1 percent to 76,200 won.

STX Offshore & Shipbuilding Co. (067250) (067250 KS): The South Korean shipbuilder said OAO Sovcomflot of Russia increased the number of liquefied natural gas ships on option to six from two, according to an e-mailed statement. STX Offshore slipped 2.8 percent to 10,350 won.

Sony Corp. (6758) (6758 JT): The company said it will boost the manufacturing capacity of image sensors used in consumer electronics including smartphones by 33 percent by the end of September 2013. The stock climbed 5.6 percent to 1,163 yen.

Tokyo Electric Power Co. (9501) (9501 JT): The Japan Fair Trade Commission said a price increase by Tokyo Electric for business users may breach antitrust laws, according to a statement on the regulator’s website today. The shares climbed 4.3 percent to 171 yen.

To contact the reporter on this story: Kana Nishizawa in Hong Kong at knishizawa5@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net


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