Hong Kong Stocks trade softer

Headline shares of the Hong Kong financial market were lower on Tuesday, 11 December 2018, as worries about a slowdown in global growth along with trade war concerns between the world's two largest economies kept investors on the back foot. Meanwhile, fresh Brexit uncertainty also dampened investor sentiments. In afternoon trades, the Hang Seng Index fell 29.34 points or 0.11% to 25,723.04. The Hang Seng China Enterprises Index dropped 49.36 points or 0.5% to 10,223.84.

A raft of negative factors cast a shadow on already rattled markets, including soft trade data from China and comments from White House trade adviser Peter Navarro on imposing tariffs on more Chinese imports. China reported weaker-than-expected November exports and imports on Saturday, reflecting slower global and domestic demand, with exports only rising 5.4% from a year earlier, well short of the market expectation.

Investor consternation grew following British Prime Minister Theresa May postponing a crucial parliamentary vote, in favor of seeking more assurances from the European Union ahead of a now delayed vote on her Brexit plan. Theresa May will meet European leaders and EU officials later for talks aimed at rescuing her Brexit deal. She will hold talks with Dutch PM Mark Rutte and Germany's Angela Merkel after postponing MPs' final vote on the deal. The UK PM has said she needs "further assurances" about the Northern Ireland border plan to get Commons backing. European Council President Donald Tusk insisted the EU would "not renegotiate" but said leaders would discuss how to help "facilitate UK ratification".

Market sentiment has been already subdued after the arrest of the chief financial officer of Chinese technology giant Huawei Technologies in Canada, on Thursday. The arrest could throw up another hurdle to the resolution of a trade war between the United States and China.

NEWS FROM PRESS: Sino-Ocean Group Holding Limited (03377) said the contracted sales of the company, together with its subsidiaries, joint ventures and associates for November of 2018 was RMB10.5 billion, representing a year-on-year increase of 31%. The contracted sales GFA was 530,300 sq.m., representing a year-on-year increase of 31%. The contracted average selling price was RMB19,800/sq.m., maintained at the same level as last year. From January 2018 to November 2018, the accumulated contracted sales was RMB92.79 billion, representing a year-on-year increase of 48%. The accumulated contracted sales GFA was 4.36 million sq.m., representing a year-on-year increase of 32%. The accumulated contracted average selling price was RMB21,300/sq.m., representing a year-on-year increase of 12%.

CRRC Corporation Limited (01766) said its subsidiaries have signed different contracts with China and other countries from October to November 2018. The aggregate value was RMB31.11 billion. The total value of the contracts accounts for 14.7% of the operating revenue of the company in 2017 under the PRC accounting standards.

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