Gloomy start to trading day... 6700 per cent gain for IPO but analysts cautious...
Gloomy start to trading day
World markets are in negative territory so far Wednesday as the handover from Wall Street weighed along with regional issues.
Asian markets closed lower with Samsung shares dragging again and energy firms failing to benefit from higher prices amid doubts over the OPEC cap.
European indexes are also weak with US corporate earnings and the Fed’s September meeting minutes in focus.
Wall Street and Toronto are expected to open lower.
6700 per cent gain for IPO but analysts cautious
An IPO in Hong Kong has seen a huge surge in value but analysts are not rushing to recommend it.
The share price for Luen Wong Group Holdings Ltd. has rocketed 6700 per cent since April but experts say that wild swings like this are relatively common in Hong Kong’s Growth Enterprise Market and highlighted that a similar surge for a rival to Leun Wong was followed by a 91 per cent crash in one day.
The current value of Leun Wong is $2.9 billion, 2000 times its most recent annual profit.
World markets are in negative territory so far Wednesday as the handover from Wall Street weighed along with regional issues.
Asian markets closed lower with Samsung shares dragging again and energy firms failing to benefit from higher prices amid doubts over the OPEC cap.
European indexes are also weak with US corporate earnings and the Fed’s September meeting minutes in focus.
Wall Street and Toronto are expected to open lower.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 18,128.66 (-1.09 per cent) | -1.07 per cent | +5.82 per cent |
| TSX Composite | 14,549.60 (-0.11 per cent) | -0.33 per cent | +4.19 per cent |
| Europe (at 4.30am ET) |
|||
| UK FTSE | 7,039.59 (-0.44 per cent) | +5.05 per cent | +10.49 per cent |
| German DAX | 10,571.43 (-0.05 per cent) | +1.34 per cent | +4.46 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,300.01 (-0.20 per cent) | +1.15 per cent | -4.28 per cent |
| Japan Nikkei | 16,840.00 (-1.09 per cent) | -1.00 per cent | -8.67 per cent |
| Other Data (at 2.30am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 52.75 (+0.65 per cent) |
50.99 (+0.39 per cent) |
1257.50 (+0.13 per cent) |
U$0.7555 |
| Aus. Dollar |
|||
| U$0.7580 | |||
6700 per cent gain for IPO but analysts cautious
An IPO in Hong Kong has seen a huge surge in value but analysts are not rushing to recommend it.
The share price for Luen Wong Group Holdings Ltd. has rocketed 6700 per cent since April but experts say that wild swings like this are relatively common in Hong Kong’s Growth Enterprise Market and highlighted that a similar surge for a rival to Leun Wong was followed by a 91 per cent crash in one day.
The current value of Leun Wong is $2.9 billion, 2000 times its most recent annual profit.
