Shanghai Closing Stock Prices

Prices in HK$ 
 
                                 Close      Prior     Change   % Change 
  Aluminum Corp China             6.87       6.82      +0.05      +0.73 
  Bank of China                   4.46       4.37      +0.09      +2.06 
  Bank of Communications          6.94       6.83      +0.11      +1.61 
  Bank of East Asia              12.34      12.15      +0.19      +1.56 
  BOC Hong Kong (Holdings)       39.20      38.26      +0.94      +2.46 
  Cafe de Coral Holdings          6.94       6.91      +0.03      +0.43 
  Cathay Pacific Airways         10.66      10.56      +0.10      +0.95 
  China Coal Energy               9.51       9.54      -0.03      -0.31 
  China Construction Bank         7.97       7.75      +0.22      +2.84 
  China Life Insurance           23.12      22.70      +0.42      +1.85 
  China Merchants Port           15.25      15.17      +0.08      +0.53 
  China Mobile                   87.05      86.75      +0.30      +0.35 
  China Overseas Land & Inv      14.76      14.46      +0.30      +2.07 
  China Petro & Chem              4.23       4.19      +0.04      +0.95 
  China Rscs Beer Holdings       28.34      27.80      +0.54      +1.94 
  China Resources Land           32.66      32.26      +0.40      +1.24 
  China Resources Power          18.74      18.68      +0.06      +0.30 
  China Shenhua Energy           37.56      37.00      +0.56      +1.51 
  China Unicom (Hong Kong)        9.84       9.62      +0.22      +2.29 
  CITIC                          12.12      11.95      +0.17      +1.42 
  CK Hutchison Holdings          52.10      51.65      +0.45      +0.87 
  CLP Holdings                   65.35      65.00      +0.35      +0.54 
  CNOOC                          20.18      20.14      +0.04      +0.20 
  COSCO SHIPPING Ports            5.60       5.50      +0.10      +1.84 
  Esprit Holdings                 1.55       1.46      +0.09      +6.16 
  FIH Mobile                     15.82      15.30      +0.52      +3.40 
  Hang Lung Properties            8.84       8.60      +0.24      +2.79 
  Hang Seng Bank                118.70     115.90      +2.80      +2.42 
  Henderson Land Devt            27.68      27.04      +0.64      +2.37 
  Hong Kong & China Gas           7.04       7.00      +0.04      +0.57 
  HK Exchanges & Clearing       444.60     438.60      +6.00      +1.37 
  Hong Kong Tech Venture          1.45       1.45       unch       unch 
  HSBC Holdings                 104.40     102.40      +2.00      +1.95 
  i-CABLE Communications          0.08       0.08      +0.00      +2.56 
  Indl & Cmcl Bk of China         6.00       5.89      +0.11      +1.87 
  Manulife Financial            240.00     239.20      +0.80      +0.33 
  Mongolia Energy                 0.73       0.66      +0.07     +10.61 
  MTR                            26.66      26.40      +0.26      +0.98 
  New World Development           8.39       8.34      +0.05      +0.60 
  PetroChina                      7.45       7.39      +0.06      +0.81 
  Ping An Ins of China           56.55      57.20      -0.65      -1.14 
  Power Assets Holdings          50.65      50.57      +0.08      +0.16 
  Sino Land                       9.96       9.93      +0.03      +0.30 
  SINOPEC Shanghai Pet            1.32       1.32       unch       unch 
  Sun Hung Kai Properties        97.50      93.50      +4.00      +4.28 
  Swire Pacific A                68.05      67.20      +0.85      +1.26 
  Tencent Holdings              633.50     627.00      +6.50      +1.04 
  Tsingtao Brewery               51.60      50.80      +0.80      +1.57 
  VTech Holdings                 61.65      61.70      -0.05      -0.08 
  Wharf (Holdings)               23.94      23.78      +0.16      +0.67 
Source: FactSet 
 

Prices in HK$ 
 
                                 Close      Prior     Change   % Change 
  Aluminum Corp China             6.82       6.71      +0.11      +1.71 
  Bank of China                   4.37       4.33      +0.04      +0.92 
  Bank of Communications          6.83       6.73      +0.10      +1.49 
  Bank of East Asia              12.15      12.17      -0.02      -0.16 
  BOC Hong Kong (Holdings)       38.26      38.20      +0.06      +0.16 
  Cafe de Coral Holdings          6.91       6.95      -0.04      -0.58 
  Cathay Pacific Airways         10.56      10.62      -0.06      -0.56 
  China Coal Energy               9.54       9.54       unch       unch 
  China Construction Bank         7.75       7.63      +0.12      +1.57 
  China Life Insurance           22.70      22.50      +0.20      +0.89 
  China Merchants Port           15.17      15.15      +0.02      +0.13 
  China Mobile                   86.75      85.60      +1.15      +1.34 
  China Overseas Land & Inv      14.46      13.99      +0.47      +3.36 
  China Petro & Chem              4.19       4.18      +0.01      +0.24 
  China Rscs Beer Holdings       27.80      27.68      +0.12      +0.43 
  China Resources Land           32.26      31.24      +1.02      +3.26 
  China Resources Power          19.04      19.17      -0.13      -0.68 
  China Shenhua Energy           37.00      36.84      +0.16      +0.43 
  China Unicom (Hong Kong)        9.62       9.57      +0.05      +0.52 
  CITIC                          11.95      12.08      -0.13      -1.08 
  CK Hutchison Holdings          51.65      51.65       unch       unch 
  CLP Holdings                   65.00      64.65      +0.35      +0.54 
  CNOOC                          20.14      20.08      +0.06      +0.30 
  COSCO SHIPPING Ports            5.65       5.65       unch       unch 
  Esprit Holdings                 1.46       1.46       unch       unch 
  FIH Mobile                     15.30      16.19      -0.89      -5.50 
  Hang Lung Properties            8.60       8.50      +0.10      +1.18 
  Hang Seng Bank                115.90     114.70      +1.20      +1.05 
  Henderson Land Devt            27.04      26.58      +0.46      +1.73 
  Hong Kong & China Gas           7.00       7.01      -0.01      -0.14 
  HK Exchanges & Clearing       438.60     436.20      +2.40      +0.55 
  Hong Kong Tech Venture          1.45       1.43      +0.02      +1.40 
  HSBC Holdings                 102.40     101.70      +0.70      +0.69 
  i-CABLE Communications          0.08       0.08       0.00      -1.27 
  Indl & Cmcl Bk of China         5.89       5.79      +0.10      +1.73 
  Manulife Financial            239.20     240.20      -1.00      -0.42 
  Mongolia Energy                 0.66       0.69      -0.03      -4.35 
  MTR                            26.40      26.38      +0.02      +0.08 
  New World Development           8.34       8.50      -0.16      -1.88 
  PetroChina                      7.39       7.55      -0.16      -2.11 
  Ping An Ins of China           57.20      56.00      +1.20      +2.14 
  Power Assets Holdings          51.35      51.20      +0.15      +0.29 
  Sino Land                       9.93       9.79      +0.14      +1.43 
  SINOPEC Shanghai Pet            1.32       1.32       unch       unch 
  Sun Hung Kai Properties        93.50      92.50      +1.00      +1.08 
  Swire Pacific A                68.50      68.05      +0.45      +0.66 
  Tencent Holdings              627.00     617.50      +9.50      +1.54 
  Tsingtao Brewery               50.80      50.65      +0.15      +0.30 
  VTech Holdings                 61.70      60.65      +1.05      +1.73 
  Wharf (Holdings)               23.78      23.14      +0.64      +2.77 
Source: FactSet 
 

The latest Market Talks covering Financial Services. Exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0750 GMT - CVC Capital Partners' first-half results broadly met analyst expectations, Citi says in a note. The Amsterdam-listed global buyout firm also reiterated its guidance, which aligns with consensus and shouldn't lead to estimate changes, analysts write. CVC provided an update on its largely known strategic initiatives and now guides for an expansion of its wealth offering into the U.S. market in the first quarter of 2026. "We continue to believe the large U.S. players will be the main winners in Wealth [management]...but acknowledge there should be space for at least one other global player and see Wealth as upside optionality for CVC shareholders," analysts write. They are constructive on the stock--which is more defensive compared with peers--and note the highly undemanding valuation. Shares fall 3.2% to 16.38 euros. (elena.vardon@wsj.com)

0504 GMT - China Merchants Bank likely has limited near-term catalysts to help boost its share price, says UOB Kay Hian's Kenny Lim in a note. The lender's 2Q asset quality is stable, but it could continue to face risks in retail non-performing loans, which rose from the first quarter on higher delinquencies in micro-finance and consumer loans. The lender's 2Q fee income was weaker than Lim expected and its dividend yield of less than 5% lags behind its larger peers'. He trims his loan and fee income growth estimates, and reduces his 2025, 2026 and 2027 earnings forecasts by 3.2%, 2.4% and 3.4%, respectively. UOB Kay Hian downgrades its rating to hold from buy and lowers its target price to HK$51.00 from HK$60.00. Shares fall 1% at HK$47.40. (megan.cheah@wsj.com)

0152 GMT - Citi analyst Nigel Pittaway thinks that the Australian competition regulator's concerns about IAG's proposed acquisition of RAC Insurance will turn out to be nothing more than a bump in the road. Pittaway tells clients in a note that he always saw the deal as the most difficult to progress of Australia's three recent motoring transactions. He is slightly disappointed by the regulator's preliminary concerns about the potential impact on Western Australia state's motor and home insurance market. However, he remains optimistic that the regulator will eventually allow it to pass. Citi has a buy rating and A$10.00 target price on IAG shares, which are up 1.1% at A$8.775. (stuart.condie@wsj.com)

0141 GMT - COG Financial's acquisition of salary packager EasiFleet looks cheap on a post-synergies basis, according to its bull at Bell Potter. Analyst Hayden Nicholson tells clients that COG's largest acquisition to date should bring an immediate margin contribution, with volumes rising on consolidation. He sees more than A$7 million in annual Ebitda accretion from customer migration efforts within as little as 12 months after completion. Nicholson is particularly enthusiastic about the fact that there is no overlap in clients between COG and EasiFleet. Bell Potter raises its target price by 9.8% to A$2.25 and keeps a buy rating on the stock, which is up 7.4% at A$2.03. (stuart.condie@wsj.com)

0109 GMT - Malaysia's stock market is expected to benefit from a U.S. Federal Reserve rate cut which could happens as soon as this month, CGS International analyst Jeremy Goh says in a note. The cut would narrow the gap between U.S. and local interest rates, strengthen the ringgit, and boost equities, he says. He notes that in 3Q 2024, the ringgit's surge after the Fed's first post-pandemic rate cut was quickly followed by gains for the KLCI. While corporate earnings slipped in 1H, the risk-reward profile for the local bourse is tilted to the upside given record-low foreign shareholding, he adds. CGS raises its year-end KLCI target to 1690 from 1670 as it rolls forward its valuation horizon and adds RHB Bank to its top picks, replacing CIMB Group. (yingxian.wong@wsj.com)

0048 GMT - Stride Property Gets a new bull in Forsyth Barr after underperforming other New Zealand Reits so far this year. Stride's valuation is up 2% versus a 12% rise by the sector. Analyst Rohan Koreman-Smit acknowledges that Stride sits higher on the risk curve. That's because Stride has some vacancy in its office and retail assets. There is also a risk to fee income from the wind-up of its Diversified NZ Property Trust, while its elevated gearing limits potential to purse near-term opportunities. "However, we view the margin of safety as wide enough at these levels," Forsyth Barr says. The bank notes Stride's share price is around 26% below its net tangible assets. Forsyth Barr upgrades Stride to outperform, from neutral. (david.winning@wsj.com; @dwinningWSJ)

2222 GMT - The price paid by COG Financial Services to acquire the EasiFleet novated leasing and salary packaging business looks fair to Ord Minnett. COG Financial Services says the deal is worth an initial A$40 million, plus a deferred consideration of up to A$4.6 million. Analyst Ian Munro says the upfront consideration represents a multiple of 6x Ebitda "which we believe is a fair price relative to the synergy potential and complementary customer exposures." Ord Minnett retains an "accumulate" call on COG Financial Services and raises its price target by 6.8%, to A$2.04/share. COG Financial Services ended Wednesday at A$1.89. (david.winning@wsj.com; @dwinningWSJ)

2009 GMT - Canada Goose says it's not planning any kind of take-private move, but wouldn't elaborate further. A recent report suggested that private-equity backer Bain Capital is considering selling its stake in the Canadian apparel company know for its pricey parkas, which could lead to the company going private. At the Goldman Sachs Retail Conference, COO Beth Clymer pushed back on the reports, saying the company doesn't comment on rumors, but adds that the company isn't planning any take-private initiatives. (adriano.marchese@wsj.com)

1652 GMT - The head of Canada's financial regulator credits the country's big banks for building a cushion in their capital buffers. Superintendent of Financial Institutions Peter Routledge says there is a great deal of resilience in the industry at a time of heightened uncertainty. He welcomes Canada's big banks opting to maintain CET1 capital ratios well above the 11.5% minimum required, though he says that is a conservative approach the regulator didn't demand. Bank of Montreal CEO Darryl White earlier told the same industry conference the lender targets a CET1 of 12.5%, though it stood at 13.5% at end-July. (robb.stewart@wsj.com)

1430 GMT - Despite concerns over inflation, supplier price increases and recent declining demand and profit expectations, a PNC survey finds that 84% of business owners are optimistic about the prospects for their own business. The semi-annual survey shows those numbers trending upward from the spring--78%--and last fall--76%. About 58% of business owners are optimistic about the national economy, up from last spring--50%. About 44% of businesses are optimistic about the global economy. According to the survey, the top potential risk owners foresee for their business over the next six months is inflation, with 46% stating they are extremely concerned, and 44% believing a recession in the next 12 months is likely, with 16% considering it "extremely likely," and 28% feeling it is "somewhat likely." Less than half--48%--expect their profits to increase in the next six months. (chris.wack@wsj.com)

1414 GMT - More than one in four homes in the U.S.--representing $12.7 trillion in real estate value--are exposed to severe or extreme climate risks, according to Realtor.com. Nearly 6 million homes, valued at $3.4 trillion, are likely to experience severe or extreme flooding over the next 30 years, according to Realtor.com. This figure is about 2 million higher than the number of homes located in FEMA's Special Flood Hazard Areas, largely because FEMA's maps don't fully reflect heavy rainfall or the effects of climate change. Coastal markets dominate the list of metro areas with the greatest dollar value and share of dollar value exposed to severe or extreme flood risk. In 2025, 18.3% of homes in the U.S., valued at nearly $8 trillion, face severe or extreme risk of wind damage. Financially, the burden is amplified by high hurricane deductibles. (chris.wack@wsj.com)

1348 GMT — The number of homeowner households in America fell 0.1% year-over-year to an estimated 86.2 million in the second quarter, Redfin says, the first decline since 2016. By comparison, the number of renter households rose 2.6% to an estimated 46.4 million. America's homeowner population is no longer growing because rising home prices, high mortgage rates and economic uncertainty have made it increasingly difficult to own a home. People are also getting married and starting families later, which means they're buying homes later. The median home sale price rose 1.4% year-over-year in July to $443,867. Mortgage rates are at 6.56%, more than double the all-time low recorded during the pandemic. As a result, more Americans have opted to keep renting rather than buy a home, meaning more people are forgoing home equity--a key way to build wealth. (chris.wack@wsj.com)

The latest Market Talks covering Financial Services. Exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0750 GMT - CVC Capital Partners' first-half results broadly met analyst expectations, Citi says in a note. The Amsterdam-listed global buyout firm also reiterated its guidance, which aligns with consensus and shouldn't lead to estimate changes, analysts write. CVC provided an update on its largely known strategic initiatives and now guides for an expansion of its wealth offering into the U.S. market in the first quarter of 2026. "We continue to believe the large U.S. players will be the main winners in Wealth [management]...but acknowledge there should be space for at least one other global player and see Wealth as upside optionality for CVC shareholders," analysts write. They are constructive on the stock--which is more defensive compared with peers--and note the highly undemanding valuation. Shares fall 3.2% to 16.38 euros. (elena.vardon@wsj.com)

0504 GMT - China Merchants Bank likely has limited near-term catalysts to help boost its share price, says UOB Kay Hian's Kenny Lim in a note. The lender's 2Q asset quality is stable, but it could continue to face risks in retail non-performing loans, which rose from the first quarter on higher delinquencies in micro-finance and consumer loans. The lender's 2Q fee income was weaker than Lim expected and its dividend yield of less than 5% lags behind its larger peers'. He trims his loan and fee income growth estimates, and reduces his 2025, 2026 and 2027 earnings forecasts by 3.2%, 2.4% and 3.4%, respectively. UOB Kay Hian downgrades its rating to hold from buy and lowers its target price to HK$51.00 from HK$60.00. Shares fall 1% at HK$47.40. (megan.cheah@wsj.com)

0152 GMT - Citi analyst Nigel Pittaway thinks that the Australian competition regulator's concerns about IAG's proposed acquisition of RAC Insurance will turn out to be nothing more than a bump in the road. Pittaway tells clients in a note that he always saw the deal as the most difficult to progress of Australia's three recent motoring transactions. He is slightly disappointed by the regulator's preliminary concerns about the potential impact on Western Australia state's motor and home insurance market. However, he remains optimistic that the regulator will eventually allow it to pass. Citi has a buy rating and A$10.00 target price on IAG shares, which are up 1.1% at A$8.775. (stuart.condie@wsj.com)

0141 GMT - COG Financial's acquisition of salary packager EasiFleet looks cheap on a post-synergies basis, according to its bull at Bell Potter. Analyst Hayden Nicholson tells clients that COG's largest acquisition to date should bring an immediate margin contribution, with volumes rising on consolidation. He sees more than A$7 million in annual Ebitda accretion from customer migration efforts within as little as 12 months after completion. Nicholson is particularly enthusiastic about the fact that there is no overlap in clients between COG and EasiFleet. Bell Potter raises its target price by 9.8% to A$2.25 and keeps a buy rating on the stock, which is up 7.4% at A$2.03. (stuart.condie@wsj.com)

0109 GMT - Malaysia's stock market is expected to benefit from a U.S. Federal Reserve rate cut which could happens as soon as this month, CGS International analyst Jeremy Goh says in a note. The cut would narrow the gap between U.S. and local interest rates, strengthen the ringgit, and boost equities, he says. He notes that in 3Q 2024, the ringgit's surge after the Fed's first post-pandemic rate cut was quickly followed by gains for the KLCI. While corporate earnings slipped in 1H, the risk-reward profile for the local bourse is tilted to the upside given record-low foreign shareholding, he adds. CGS raises its year-end KLCI target to 1690 from 1670 as it rolls forward its valuation horizon and adds RHB Bank to its top picks, replacing CIMB Group. (yingxian.wong@wsj.com)

0048 GMT - Stride Property Gets a new bull in Forsyth Barr after underperforming other New Zealand Reits so far this year. Stride's valuation is up 2% versus a 12% rise by the sector. Analyst Rohan Koreman-Smit acknowledges that Stride sits higher on the risk curve. That's because Stride has some vacancy in its office and retail assets. There is also a risk to fee income from the wind-up of its Diversified NZ Property Trust, while its elevated gearing limits potential to purse near-term opportunities. "However, we view the margin of safety as wide enough at these levels," Forsyth Barr says. The bank notes Stride's share price is around 26% below its net tangible assets. Forsyth Barr upgrades Stride to outperform, from neutral. (david.winning@wsj.com; @dwinningWSJ)

2222 GMT - The price paid by COG Financial Services to acquire the EasiFleet novated leasing and salary packaging business looks fair to Ord Minnett. COG Financial Services says the deal is worth an initial A$40 million, plus a deferred consideration of up to A$4.6 million. Analyst Ian Munro says the upfront consideration represents a multiple of 6x Ebitda "which we believe is a fair price relative to the synergy potential and complementary customer exposures." Ord Minnett retains an "accumulate" call on COG Financial Services and raises its price target by 6.8%, to A$2.04/share. COG Financial Services ended Wednesday at A$1.89. (david.winning@wsj.com; @dwinningWSJ)

2009 GMT - Canada Goose says it's not planning any kind of take-private move, but wouldn't elaborate further. A recent report suggested that private-equity backer Bain Capital is considering selling its stake in the Canadian apparel company know for its pricey parkas, which could lead to the company going private. At the Goldman Sachs Retail Conference, COO Beth Clymer pushed back on the reports, saying the company doesn't comment on rumors, but adds that the company isn't planning any take-private initiatives. (adriano.marchese@wsj.com)

1652 GMT - The head of Canada's financial regulator credits the country's big banks for building a cushion in their capital buffers. Superintendent of Financial Institutions Peter Routledge says there is a great deal of resilience in the industry at a time of heightened uncertainty. He welcomes Canada's big banks opting to maintain CET1 capital ratios well above the 11.5% minimum required, though he says that is a conservative approach the regulator didn't demand. Bank of Montreal CEO Darryl White earlier told the same industry conference the lender targets a CET1 of 12.5%, though it stood at 13.5% at end-July. (robb.stewart@wsj.com)

1430 GMT - Despite concerns over inflation, supplier price increases and recent declining demand and profit expectations, a PNC survey finds that 84% of business owners are optimistic about the prospects for their own business. The semi-annual survey shows those numbers trending upward from the spring--78%--and last fall--76%. About 58% of business owners are optimistic about the national economy, up from last spring--50%. About 44% of businesses are optimistic about the global economy. According to the survey, the top potential risk owners foresee for their business over the next six months is inflation, with 46% stating they are extremely concerned, and 44% believing a recession in the next 12 months is likely, with 16% considering it "extremely likely," and 28% feeling it is "somewhat likely." Less than half--48%--expect their profits to increase in the next six months. (chris.wack@wsj.com)

1414 GMT - More than one in four homes in the U.S.--representing $12.7 trillion in real estate value--are exposed to severe or extreme climate risks, according to Realtor.com. Nearly 6 million homes, valued at $3.4 trillion, are likely to experience severe or extreme flooding over the next 30 years, according to Realtor.com. This figure is about 2 million higher than the number of homes located in FEMA's Special Flood Hazard Areas, largely because FEMA's maps don't fully reflect heavy rainfall or the effects of climate change. Coastal markets dominate the list of metro areas with the greatest dollar value and share of dollar value exposed to severe or extreme flood risk. In 2025, 18.3% of homes in the U.S., valued at nearly $8 trillion, face severe or extreme risk of wind damage. Financially, the burden is amplified by high hurricane deductibles. (chris.wack@wsj.com)

1348 GMT — The number of homeowner households in America fell 0.1% year-over-year to an estimated 86.2 million in the second quarter, Redfin says, the first decline since 2016. By comparison, the number of renter households rose 2.6% to an estimated 46.4 million. America's homeowner population is no longer growing because rising home prices, high mortgage rates and economic uncertainty have made it increasingly difficult to own a home. People are also getting married and starting families later, which means they're buying homes later. The median home sale price rose 1.4% year-over-year in July to $443,867. Mortgage rates are at 6.56%, more than double the all-time low recorded during the pandemic. As a result, more Americans have opted to keep renting rather than buy a home, meaning more people are forgoing home equity--a key way to build wealth. (chris.wack@wsj.com)

The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

0708 GMT - The Hang Seng Index's constituent companies' earnings forecasts have been cut after the 1H earnings season, writes CGS International's Edith Qian. She notes that Bloomberg consensus forecasts shows 2025 net profit forecasts were lowered by 4.9%. Consumer services like food delivery are expected to see the steepest earnings drops, followed by auto companies due to unhealthy competition. IT, financial services and basic materials sectors have the highest earnings growth expectations, Qian adds. HSI companies are likely to see net profits drop 3.0% in 2025 but grow 11.1% in 2026 thanks to the lower 2025 base, the analyst says. (jason.chau@wsj.com)

0628 GMT - Nordic markets are seen opening slightly higher with IG calling the OMXS30 up 0.1% at around 2600. U.S. stock markets rose yesterday after data showed the number of job openings fell in July to the lowest level in ten months, SEB's head of analysis Karl Steiner writes. "Not good news in itself for the economy, but since it currently increases the likelihood that the Fed will cut interest rates at its meeting on September 17, it is still interpreted as stock market positive." European stock exchanges also performed well yesterday, but Asian equity markets are mixed today, with a sharp downturn in China on reports that regulators are considering measures to cool the stock market. Stock market futures are flat in Europe and slightly positive for the U.S. OMXS30 closed at 2597.20, OMXN40 at 2290.82 and OBX at 1546.13. (dominic.chopping@wsj.com)

0520 GMT - Investors seem undecided over the outlook for Hong Kong and China equities. Nomura's analysis of 71 Asia ex-Japan funds found investors hold an almost neutral view on Hong Kong and China equities, with the 42% of the funds overweight in those two markets balanced against the 39% underweight funds. Analyst Chetan Seth and associate Ankit Yadav also found that investors are overweight on the Asean-5 markets bar Malaysia where they are underweight. Within Asean, funds prefer Singapore and Indonesia, followed by the Philippines and Thailand. (jason.chau@wsj.com)

0504 GMT - China Merchants Bank likely has limited near-term catalysts to help boost its share price, says UOB Kay Hian's Kenny Lim in a note. The lender's 2Q asset quality is stable, but it could continue to face risks in retail non-performing loans, which rose from the first quarter on higher delinquencies in micro-finance and consumer loans. The lender's 2Q fee income was weaker than Lim expected and its dividend yield of less than 5% lags behind its larger peers'. He trims his loan and fee income growth estimates, and reduces his 2025, 2026 and 2027 earnings forecasts by 3.2%, 2.4% and 3.4%, respectively. UOB Kay Hian downgrades its rating to hold from buy and lowers its target price to HK$51.00 from HK$60.00. Shares fall 1% at HK$47.40. (megan.cheah@wsj.com)

China Merchants Bank likely has limited near-term catalysts to help boost its share price, says UOB Kay Hian's Kenny Lim in a note. The lender's 2Q asset quality is stable, but it could continue to face risks in retail non-performing loans, which rose from the first quarter on higher delinquencies in micro-finance and consumer loans. The lender's 2Q fee income was weaker than Lim expected and its dividend yield of less than 5% lags behind its larger peers'. He trims his loan and fee income growth estimates, and reduces his 2025, 2026 and 2027 earnings forecasts by 3.2%, 2.4% and 3.4%, respectively. UOB Kay Hian downgrades its rating to hold from buy and lowers its target price to HK$51.00 from HK$60.00. Shares fall 1% at HK$47.40. (megan.cheah@wsj.com)