Hong Kong Market drops 0.82%

Headline indices of the Hong Kong share market closed down in heavy trade on Thursday, 16 August 2018, as the Wall Street's overnight decline amid ongoing concerns about heightening tensions between Turkey and the United States and deepening worries about global economic growth, particularly in China, dented investor sentiment. At closing bell, the Hang Seng Index declined 223.53 points or 0.82% to 27,100.06. The Hang Seng China Enterprises Index dropped 55.46 points or 0.53% to 10,479.68. The sub-index of the Hang Seng tracking the Commerce & Industry sector declined 0.91% and the financial sector was 1.1% down, while properties sector rose 0.2%, and Utilities shares gained 0.26%. Turnover increased significantly to HK$124.5 billion from HK$111.5 billion on Wednesday.

Tencent (00700) dipped 3% to HK$325.8 becoming the biggest blue-chip loser, after the social media giant registered its first profit decline in 13 years. Its subsidiary China Literature (00772) dipped 5.2% to HK$49.85. Software counters were dragged down by poor results of Tencent. Kingdee International Software (00268) plunged 7% to HK$8.28. Xiaomi (01810) softened 0.4% to HK$16.24.

 

Techtronic Industries (00669) surged 10.7% to HK$44.85 after its earnings registered 25% growth. Lenovo Group (00992) also bucked the downtrend, rising 3.4% to HK$4.6 after the PC maker turned around its first quarter with US$77 million net profit.

OFFSHORE MARKET NEWS, US stock market closed down on Wednesday on renewed concerns about Turkey after the Turkish government announced an increase in tariffs on American cars, alcohol and cigarettes. The Dow Jones Industrial Average fell 137.51 points or 0.5% to 25,162.41 and the S&P 500 slid 21.59 points or 0.8% to 2,818.37. The Nasdaq tumbled 96.78 points or 1.2% to 7,774.12,

The major European markets also closed down on Wednesday. The French CAC 40 Index dropped 1.8%, the German DAX Index tumbled by 1.6%, and the U.K.'s FTSE 100 Index dropped 1.5%.

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