Year opens on positive note, but ECM activity seen as thin

A few block trades and follow-ons, and possibly one or two convertible bonds, could add some life to what is expected to be a very quiet January in the Asian equity capital markets.

Year opens on positive note, but ECM activity seen as thin
Trading in Hong Kong showed little conviction yesterday (AFP)

There was a strong tone in Asian stock markets yesterday when Hong Kong and Singapore kicked off trading in 2012 thanks to a positive purchasing managers index in China that caused some enthusiasm among investors. But the 2.4% gain in the Hang Seng Index and the 1.6% rise in the FTSE Straits Times benchmark were logged amid thin volumes and hence didn’t display a huge amount of conviction.

That said, bankers hope that a few...

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