Hong Kong Market extends fall ahead of Fed testimony

The Hong Kong share market declined for fifth day in row on Tuesday, 09 July 2019, as risk aversion selloff continued on tracking overnight weakness on Wall Street on caution ahead of key testimony this week from Federal Reserve Chairman Jerome Powell for more cues on possible rate cuts by the end of July. Investors were also cautious ahead of a slew of economic data ahead including inflation, money supply, loan and trade data to assess health of China's economy. At closing bell, the Hang Seng Index declined 0.76%, or 215.41 points, to 28,116.28. The Hang Seng China Enterprises Index was down 0.7%, or 74.57 points, to 10,650.63.

Blue chips fell across the board. HSBC (00005) softened 0.2% to HK$64.9. HKEX (00388) dipped 1.3% to HK$270.6. Tencent (00700) edged down 0.1% to HK$350.8. China Mobile (00941) nudged down 0.1% to HK$70.2. AIA (01299) declined by 0.8% to HK$83.85.

 

Automakers were mostly lower, with Geely Automobile (00175) leading losses, down 3.8% to HK$11.7 after it issued a profit warning yesterday. Dongfeng Motor (00489) slipped 2% to HK$6.53. GAC Group (02238) slid 3.1% to HK$8.07. BAIC Group (01958) shed 1.3% to HK$5.15. Great Wall Motor (02333) slipped 1.5% to HK$5.88. Brilliance China Automotive (01114) and BYD Company (01121) bucked the trend, rising 0.7% to HK$8.92 and 1.2% to HK$47.4 respectively.

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