Hong Kong Market ends 0.33% down

Headline indices of the Hong Kong share market closed down on Thursday, 23 August 2018, snapping four-day winning streak, weighed down by tracking mixed performance on Wall Street overnight and on caution ahead of the imposition of the latest round of tariffs by the United States and China on each other's goods due later today. At closing bell, the Hang Seng Index dropped 137.12 points or 0.49% to 27,790.46. The Hang Seng China Enterprises Index lost 35.57 points or 0.33% to 10,814.60. The sub-index of the Hang Seng tracking the Commerce & Industry sector declined 0.4%, the financial sector was 0.43% down, properties sector fell 0.56%, and Utilities sector fell 0.56%. Turnover shrank to HK$83.97 billion from HK$100.4 billion on Wednesday.

Blue chips were mostly weaker. CK Hutchison (00001) declined 2.3% to HK$87.9. Tencent (00700) edged down 0.1% to HK$359. HSBC (00005) dipped 0.6% to HK$69.65. China Resources Land (01109) sank 3.3% to HK$27.8. But China Overseas Land & Investment (00688) added 1.2% to HK$24.45 as it reported interim net growth of 7%. Ping An Insurance (02382) jumped 1.8% to HK$74.1 as many research houses are bullish towards its prospects.

 

Xiaomi Corporation (01810) dipped 1.4% to HK$17.44 after soaring 7% to HK$18.96 earlier on strong interim profit. ZTE (00763) surged 8.2% to HK$14.22. AAC Technologies (02018) slipped 4.2% to HK$84.65 becoming the worst blue-chip loser. The acoustic components supplier yesterday announced its earnings report, which triggered a slew of downgrades from research houses. Sunny Optical (02382) also dipped 1.3% to HK$93.4.

OFFSHORE MARKET NEWS, US stock market closed mixed on Wednesday, as investors digested a batch of earnings, housing data and minutes from the latest Federal Open Market Committee's most recent meeting reaffirming the central bank's hawkish bias. The Dow Jones Industrial Average declined 0.34%, while the S&P 500 index declined 0.04%, and the NASDAQ Composite index gained 0.38%.

The major European stock markets ended broadly flat on Wednesday amidst trade talks between the US and China and uncertainty over US President Donald Trump's legal woes. The pan-European STOXX600 index closed flat. The German DAX index was flat and the UK FTSE index rose by 0.1%.

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