Hong Kong Market falls as concerns about protests grow

The Hong Kong share market closed down on Monday, 29 July 2019, as tensions remain high in the city following another clash between protestors and the police over the weekend. Meanwhile, selloff was also fueled on caution ahead of the hotly anticipated US Federal Reserve meeting and to see any developments US-China trade talks this week. At closing bell, the Hang Seng Index dropped 1%, or 291.33 points, to 28,106.41. The Hang Seng China Enterprises Index was down 0.67%, or 72.58 points, to 10,780.59.

Blue chips were mostly lower. HSBC (00005) edged down 0.5% to HK$63.9. HKEX (00388) dipped 1.3% to HK$265. Tencent (00700) edged up 0.1% to HK$370.4. China Mobile (00941) dipped 0.3% to HK$67.2. AIA (01299) slipped 1.9% to HK$82.6. Shenzhou International (02313) put on 1.2% to HK$111.7.

Shares of property counters declined as most of retail-related commercial property landlords threatened by the almost two months of protests, hurts city's retail sales and tourism have been affected by the social unrest. Swire Properties (01972) ended down 3.7% to HK$28.7. Wharf REIC (01997) sank 4.7% to HK$48.75. Henderson Land Development (00012) declined by 2.1% to HK$41.5. Sino Land (00083) fell 1.5% to HK$12.84. Sun Hung Kai Properties (00016) retreated 0.6% to HK$127.2. Kerry Properties (00683) pounded 2.1% to HK$30.5. New World Development (00017) lost 3.6% to HK$11.26. Hang Lung Properties (00101) dipped 2.6% to HK$18.46. But CK Asset (01113) shed 2.6% to HK$61.1.

Shenzhou International Group (2313 HK) rose 1 per cent to HK$111.40 as it announced an agreement in which the Ningbo Beilun district government will provide support for 18 projects related to the garment manufacturing industry that it is pursuing. The maximum investment amount for these projects is estimated to be about 7.2 billion yuan this year and in 2020, and the company may get other investors to co-invest. These projects include expansion and update of new fabrics and garments' production capacity, construction of warehouses, staff dormitories and office buildings, and environmental protection projects such as sewage and solid waste treatment. The district government will also support through facilitating land purchase, construction approval processes and other policy supports.

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