Hong Kong Market falls on profit booking

Hong Kong share market closed down on Thursday, 30 August 2018, despite both the S&P and NASDAQ hit fresh records overnight, as investors cashed in after a healthy three-day run amid worries about the escalating Washington-Beijing trade war. At closing bell, the Hang Seng Index declined 252.39 points or 0.89% to 28,164.05. The Hang Seng China Enterprises Index dropped 115.45 points or 1.04% to 10,967.61. The sub-index of the Hang Seng tracking the Commerce & Industry sector declined 1% and the financial sector was 0.9% down, meanwhile Utilities sector lost 0.4% and properties sector fell 0.8%. Turnover decreased to HK$78.6 billion from HK$80 billion on Wednesday.

Blue chips were mixed at spot month futures settlement day. Ping An Insurance (02318) nudged up 0.5% to HK$76.25. Tencent (00700) dipped 0.9% to HK$357.2. China Mobile (00941) put on 0.4% to HK$73.5. AIA (01299) fell 0.9% to HK$67.85.

Shares of banks and financials closed down. CCB (00939) slipped 1.3% to HK$7. ABC (01288) sank 2.1% to HK$3.77. BOC (03988) shed 1.1% to HK$3.57. ICBC (01398) and Minsheng Bank (01988) declined 1.2% and 1.6% to HK$5.8 and HK$5.68. Hang Seng Bank (00011) fell 0.5% to HK$212. HSBC (00005) fell 0.9% to HK$69.5. Standard Chartered (02888) sank 1.1% to HK$64.85. BOCHK (02388) fell 0.9% to HK$38.1.

Bank of East Asia (00023) added 1.6% to HK$29.4 as investors expects the bank to declare special dividend in 2HFY18.

OFFSHORE MARKET NEWS, US stock market closed higher on Wednesday. The Dow Jones Industrial Average jumped rose 60.55 points or 0.2% to 26,124.57, the Nasdaq jumped 79.65 points or 1% to 8,109.69, and the S&P 500 climbed 16.52 points or 0.6% to 2,914.04.

The major European stock markets ended mixed on Wednesday. The German DAX Index and the French CAC 40 Index both rose by 0.3%, while the U.K.'s FTSE 100 Index slid by 0.7%.

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