Hong Kong Market slips on US-Iran worries

Headline indices of the Hong Kong stock market finished session down on Friday, 03 January 2020, as worried investors pulled money out on heightened geopolitical tensions between the US and Iran after a US air strike killed a top Iranian military leader. At closing bell, the benchmark Hang Seng Index dropped 0.32%, or 92.02 points, to 28,451.50, with 34 of its 50 constituent members declining. The Hang Seng China Enterprises Index was down 0.6%, or 67.01 points, to 11,253.55.

The Hang Seng Index opened up 284 points or 1% to 28,828 and briefly soared 339 points to the day high of 28,883. It then gave up all of its gains on news that the US launched an airstrike that killed a senior Iranian commander. In the afternoon trade, the index fell 115 points to the day low of 28,428 at one stage.

Blue chips were mixed. HSBC (00005) edged down 0.8% to HK$60.4. HKEX (00388) put on 2.4% to HK$266.6. Tencent (00700) nudged up 0.2% to HK$383. China Mobile (00941) slipped 1.5% to HK$64.4. AIA Group (01299) inched up 0.6% to HK$85.2.

Energy stocks advanced on higher oil prices following a U.S. airstrike in Iraq. PetroChina (00857) shot up 2.8% to HK$4.04. CNOOC (00883) gained 2% to HK$13.24. Sinopec (00386) advanced 1.5% to HK$4.77. China Oilfield Services (02883) spiked 3.3% to HK$12.52. Sinopec Engineering (02386) climbed 1.3% to HK$4.86.

Hang Lung Properties (101 HK) jumped 4.51% to HK$18.06 after Citigroup upgraded the stock to buy from sell. Citigroup expects retail landlords and developers to benefit as Hong Kong's retail could gradually recover in months to come

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