Hong Kong Market drops 0.61%

Headline indices of the Hong Kong share market were down on Thursday, 16 August 2018, as the Wall Street's overnight decline amid ongoing concerns about heightening tensions between Turkey and the United States and deepening worries about global economic growth, particularly in China, dented investor sentiment. Around afternoon trades, the Hang Seng Index declined 167.93 points or 0.61% to 27,155.66. The Hang Seng China Enterprises Index dropped 58.29 points or 0.55% to 10,476.85. The sub-index of the Hang Seng tracking the Commerce & Industry sector declined 0.71% and the financial sector was 0.87% down, while properties sector rose 0.37%, and Utilities shares gained 0.26%.

OFFSHORE MARKET NEWS, US stock market closed down on Wednesday on renewed concerns about Turkey after the Turkish government announced an increase in tariffs on American cars, alcohol and cigarettes. The Dow Jones Industrial Average fell 137.51 points or 0.5% to 25,162.41 and the S&P 500 slid 21.59 points or 0.8% to 2,818.37. The Nasdaq tumbled 96.78 points or 1.2% to 7,774.12,

The major European markets also closed down on Wednesday. The French CAC 40 Index dropped 1.8%, the German DAX Index tumbled by 1.6%, and the U.K.'s FTSE 100 Index dropped 1.5%.

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