Hong Kong Stocks falls 0.56%

Hong Kong share market closed session down on Friday, 25 May 2018, as concerns about the historic US-North Korean summit dented risk sentiments. The Hang Seng Index fell by 0.56%, or 172.37 points, to 30,588.04, taking its weekly losses to 1.48%. The Hang Seng China Enterprises Index lost 0.86%, or 104.87 points, to 12,047.75. Turnover increased to HK$93.6 billion from HK$89.9 billion on Thursday.

U.S. President Donald Trump called off a June summit with North Korean leader Kim Jong Un on Thursday, citing Pyongyang's "open hostility", and warned that the US military was ready in the event of any reckless acts by North Korea. Trump, in a letter to North Korea released by the White House, called off the June 12 summit, citing tremendous anger and open hostility in a recent statement by Pyongyang. The cancellation came even after North Korea followed through on a pledge to blow up tunnels at its nuclear test site.

Adding to investor worries about a trade war, the Trump administration has launched a national security investigation into car and truck imports that could lead to new US tariffs similar to those imposed on imported steel and aluminum in March. US Commerce Secretary Wilbur Ross will visit China early next month for another round of talks amid ongoing trade frictions between the world's two largest economies.

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