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HONG KONG, Aug 1 Asia Pulse - Highlights of today's newspapers:
SOUTH CHINA MORNING POST:
- Seng Bank (SEHK: 0011) shares surged to a record high yesterday, leading a rally in the city's financial stocks, after the lender's surprisingly good earnings growth prompted bullish assessments from brokers.
- A large residential site in Wong Tai Sin sold for a lower than expected price at yesterday's government land auction amid increasing concern that moves by environmental groups to block high-rise development will limit growth in the property market.
- The cards do not appear to be falling into place for A-Max Holdings' HK$2 billion bet on the booming Macau casino industry.
- Hong Kong blue chips rose yesterday, driving the Hang Seng Index to its biggest monthly gain in more than two years, as lenders surged after HSBC and its unit Hang Seng Bank reported forecast-beating earnings.
- HSBC Holdings (SEHK: 0005), hit by rising loan defaults in the world's biggest economy, said the United States subprime housing market was still in a fragile state but the spillover to other sectors was limited at the moment.
Source: HighBeam Research, HONG KONG NEWSPAPER HIGHLIGHTS - AUG 1, 2007.