Hong Kong Market falls 0.9%

Headline indices of the Hong Kong share market closed down on Thursday, 07 March 2019, as investor sentiment was dented by U.S. market declining overnight on worries of renewed US-China trade dispute, triggered by the news that Huawei Technologies decided to sue the US government for hacking the company's servers and amid concerns over the outlook of the global economy after the Organisation for Economic Co-operation & Development (OECD) cut its forecasts for the global economy in 2019 and 2020, following on from previous downgrades in November, and warned that trade disputes and economic uncertainty over Brexit would hit world commerce and businesses. At closing bell, the Hang Seng Index fell 258.15 points or 0.89% to 28,779.45. The Hang Seng China Enterprises Index dropped 131.95 points or 1.14% to 11,460.08. Turnover decreased slightly to HK$108.4 billion from HK$114.5 billion on Wednesday.

Blue chips were mostly easier. Tencent (00700) fell 1.9% to HK$357.6. HSBC (00005) edged up 0.2% to HK$64.85. HKEX (00388) sank 2.5% to HK$271.6. AIA (01299) slipped 1.3% to HK$76.6. China Mobile (00941) rebounded 0.2% to HK$81.15.

 

Chinese Huawei suppliers were pressured after reports that Huawei has boosted orders from Japanese suppliers amid the US government's pressure on Chinese firms. AAC Technologies (02018) dipped 3.9% to HK$49.4. Sunny Optical Technology (02382) slid 5.6% to HK$94.2. Q Technology (01478) shed 5% to HK$6.84. FIH Mobile (02038) fell 4.1% to HK$0.94.Tongda Group (00698) slipped 3.2% to HK$0.9. SMIC (00981) weakened by 2.5% to HK$8.05. Truly International (00732) retreated 3.9% to HK$1.47.

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