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Hong Kong Market extends losses for fourth day

Capital Market 

The Hong Kong share market declined for fourth day in row on Wednesday, 18 September 2019, on mounting angst about the possibility of more protests as China's National Day approaches. At closing bell, the Hang Seng Index declined 1.07%, or 285.17 points, to 26,468.95. The Hang Seng China Enterprises Index sank 0.9%, or 93.15 points, to 10,385.35.

Concerns were running high that more demonstrations will be organised in the build-up to China's National Day holiday that falls on October 1. The Hong Kong government said this week that it would not concede to other demands by the protesters after withdrawing the controversial extradition bill that sparked the crisis.

Blue chips fell across the board. HSBC (00005) softened 0.3% to HK$59.7. HKEX (00388) slipped 1.3% to HK$230.2 on reports that LSEG has hired JP Morgan to counter HKEX's merger bid. Tencent (00700) retreated 1.3% to HK$338.4. China Mobile (00941) shed 1.4% to HK$64.8.

AIA (01299) sank 3% to HK$76.5.

Local banks were weaker after Fed's rate cut as investors worry about narrowing net interest spread. Hang Seng Bank (00011) dipped 2.4% to HK$172. BOCHK (02388) declined by 1.6% to HK$26.95. Bank of East Asia (00023) slid 1.3% to HK$19.74. StanChart (02888) softened 0.5% to HK$67.15.

Smartphone component suppliers rose across the board on reports that the newly launched iPhone 11 saw strong buying orders and Huawei is launching the new model of smartphone.

AAC Technologies (02018) rose 5.9% to HK$47. Sunny Optical (02382) added 2.8% to HK$120.2. Q Technology (01478) surged 3.7% to HK$9.51. BYD Electronic (00285) gained 3.6% to HK$12.54.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 19 2019. 17:40 IST