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February, 2009 Archive

Bloomberg: Hong Kong Stocks Decline, Led by Property Shares

what’s the equivalent of the Proshares Ultrashort Dow Jones Real Estate ETF (SRS) in Hong Kong on the Heng Senk? The dominos of office buildings speading from the U.S. epicenter across the globe:

Bloomberg: Hong Kong Stocks Decline, Led by Property Shares

By Hanny Wan

Feb. 20 (Bloomberg) — Hong Kong stocks fell, with the benchmark index set for its steepest weekly drop in five weeks, as the slowing economy erodes demand for real estate.

Sun Hung Kai Properties Ltd., Hong Kong’s No. 1 property company by market value, retreated 3.8 percent after a real- estate agency said office rents slumped last month. Swire Pacific Ltd., one of the city’s biggest office landlords, dropped 2.5 percent. Chaoda Modern Agriculture (Holdings) Ltd., China’s largest listed vegetable grower, tumbled 7.1 percent as it sought HK$415.7 million ($54 million) in a share sale.

The Hang Seng Index declined 301.06, or 2.3 percent, to 12,722.30 as of 12:13 p.m. local time, extending its losses this week to 6.1 percent. That would be the gauge’s worst performance since the week ended Jan. 16.

The Hang Seng China Enterprise Index, which tracks so- called H-shares, lost 2.2 percent to 7,103.27.

The Hang Seng Index has lost 12 percent this year amid mounting signs of an economic slowdown. The benchmark is valued at 10 times estimated earnings, down from 18.7 times at the beginning of last year. Hong Kong’s commissioner to the U.S. said yesterday the city’s economy grew between 3 percent and 3.5 percent last year, about half the 6.4 percent pace in 2007.

Sun Hung Kai retreated 3.8 percent to HK$59.85. Cheung Kong (Holdings) Ltd., the city’s No. 2 real estate company by market value, fell 3 percent to HK$62.95. Swire Pacific dropped 2.7 percent to HK$46.70. The Hang Seng Property Index’s 2.8 percent decline was the sharpest among the four industry groups tracked by the Hang Seng Index.

Share Sale

Prime office rents in Hong Kong fell 17 percent in January from a year earlier as landlords sought to retain tenants amid a recession, Colliers International said yesterday.

READ FULL ARTICLE ON BLOOMBERG

P.S. Watch our first FINZ.tv episode on SRS “ETF in 60: IYR Real Estate ETF looks SRS-ly Toast (French Toast)

CNBC’s Rick Santelli leads the trader mortgage revolt. Join his “Chicago Tea Party?”

n68704930659_3935 Vote “YES” on this CNBC poll: http://www.cnbc.com/id/29283701

Then sign up for the Tea Party on Facebook: http://www.facebook.com/home.php#/event.php?eid=68704930659&ref=mf

I’ll be going to the Santelli’s Chicago Tea Party- Will you? Hit me up on twitter if you are!  We owe it to our fellow citizens.

Don’t do it Timmy Geithner! Don’t do it!

If our largest debt holder (China) is concerned with our country’s solvency, how concerned should we be? (Bloomberg: China Needs U.S. Guarantees for Treasury Bond Holdings, Yu Says)  Yes the financial crisis has carried on for a while, we’ve heard speech after speech and testimony after testimony by Bernanke and Paulson. And everytime someone opened their mouth, the market got nuked.  But today’s market implosion before Timmy Geithner even got up to the stand felt just a notch more pessimistic.  The chatter. The fact even the media didn’t try (or finally couldn’t) help Geithner come up with a “hopeful” scenario and try to cheerlead the market higher.  LiBOR (London Interbank Offered Rates) ticked higher, showing more fear and the continued seizure of the credit markets.  Even if credit markets thawed a bit, less and less people have the means to buy a home.  Heck, even those renting might have to move back home if they continue to struggle finding a job.  I appreciate the Pres. Obie and Timmy G. trying a PR “change” and telling the truth about how bad it is (vs. the Bush/Paulson team of saying, just give us more money and we’ll fix it).  Telling how bad it is is one thing, but leaders show fear and say upfront that they don’t know what they’re doing is not the honesty we need. It’s time to show some real leadership Obie. It’s not a campaign anymore.  This is for real.  The world, not just our country, is collapsing.  Obie and Timmy G.:  either step up or, if you don’t think you have all the skills to handle it, step down. No one will think less of you for it. It’s too big of a task for any one man.  Don’t let pride (not being able to admit it’s too tough for you and that someone else may do better) be the reason the world implodes…and we’re imploding.  Still being concerned with the sideshow of corporate Jets and remodeled offices tells me you DON’T know how bad it is out there.  With unemployment this high and problems piling up everyday, social unrest about to rear it’s ugly head.  Corporate jets and remodeled bathrooms will be the last thing you’d think of by then.

p.s. like I said on twitter, round up a bunch of people like the Manhattan Project for the A-Bomb, and throw these people in the desert till they figure out a plan.

**FINZ.tv Trading Media & Entertainment, the new site I’m producing with my partner TraderAlamo, will launch videos this sunday.  Until then, read our “POSSE Traders Journal” blog along with other FINZ.tv POSSE: BHBGroupTrader, Chris Nelder, Daytrend, James Falvo, Jeffrey McLarty, Alamo, and Myself. **

And thanks to my trading mentor and friend Quint for this video when the trading days get to wild. Only trading nerds would’ve known about this video fo’ sho: