Hong Kong Market falls for fourth days
City market shares were seen pressured as US-China trade and tech disputes continued to intensify. The U.S.-China trade spat is showing no signs of ending, with media also reporting that Washington was considering blocking video surveillance giant Hangzhou Hikvision Digital Technology Co. and several other Chinese firms from buying U.S. technology, which sparked fresh worries that the trade conflict was spiraling into a technology cold war.
After last week's escalation of tariffs, no new trade talks have been scheduled, and many analysts suspect a breakthrough will require an intervention at the top before the Group of 20 major economies meets next month in Osaka, Japan.
HK blue chips fell across the board. HSBC (00005) edged down 0.1% to HK$65.25. HKEX (00388) dipped 1.3% to HK$246.4. Tencent (00700) slipped 3.8% to HK$326. China Mobile (00941) softened 0.6% to HK$72.1. AIA (01299) shed 1.5% to HK$74.9.
Shares of utilities gains as risk adverse investors parked funds into them. Power Assets (00006) edged up 0.7% to HK$54.2.
Tech stocks declined as sanctions on Huawei continued to evolve, with more companies joining the combatants. Sunny Optical (02382) dived 7.7% to HK$67.9. AAC Technologies (02018) dropped 6.4% to HK$41.25. BYD Electronic (00285) retreated 4.2% to HK$10.42. Q Technology (01478) declined by 8.5% to HK$5.4. FIH Mobile (02038) sank 8% to HK$0.92. FIT Hon Teng (06088) slid 4.5% to HK$3.17.
Stocks with 5G exposure bore the brunt of selling. ZTE (00763) plunged 5.7% to HK$19.42. Lenovo (00992) fell 2.6% to HK$5.88. Comba Telecom Systems (02342) and YOFC (06869) dipped 5.1% and 3.9% to HK$1.48 and HK$16.34 respectively.
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