Hong Kong Market extends losses

The Hong Kong share market declined for second day in row on Tuesday, 17 September 2019, following drop in Mainland A-share market amid disappointment after the People's Bank of China (PBOC) kept a key money rate unchanged despite recent data indicated to further downward pressure on the world's second-largest economy. Meanwhile, selloff pressure intensified after Moody's downgrade of on Hong Kong's rating outlook to negative from stable yesterday. At closing bell, the Hang Seng Index declined 1.23%, or 334.31 points, to 26,790.24. The Hang Seng China Enterprises Index sank 1.18%, or 125.88 points, to 10,502.37.

Blue chips were mostly weaker. HSBC (00005) fell 1.4% to HK$59.75 despite it bought back 3.15 million shares in London overnight. HKEX (00388) softened 1% to HK$232.6 on talks that the bourse plans a hostile takeover of LSEG. Tencent (00700) fell 0.9% to HK$343.6. China Mobile (00941) shed 1.6% to HK$66. AIA (01299) declined by 1.6% to HK$78.35 on Nomura's target price cut.

MTRC (00066) slipped 1.3% to HK$46.2 after a train derailment accident occurred this morning. Moody's also downgraded the company's rating outlook to negative from stable. China Shenhua (01088) added 1% to HK$16.86 after CICC Research's upgrade.

Smartphone component suppliers were mixed. FIH Mobile (02038) plunged 20% to HK$1 after its major shareholder Terry Guo said he will not run for Taiwan Presidential in January. Sunny Optical (02382) fell 1.2% to HK$116.5. AAC Technologies (02018) shed 2.2% to HK$40.3. Q Technology (01478) slid 4.3% to HK$8.54. Tongda Group (00698) soared 3.2% to HK$0.65.

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