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Hong Kong Market falls 1.16%

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Hong Kong share market closed down on Friday, 17 May 2019, as risk aversion selloff triggered on tracking decline in mainland A-share market amid heightened worries over the Sino-U. S. trade dispute and its impact on the Chinese economy. At closing bell, the declined 1.16%, or 328.61 points, to 27,946.46. The Enterprises Index was down 1.14%, or 122.87 points, to 10,688.75.

Market sentiment was hurt by moves to block China's from buying vital American technology, throwing into question prospects for sales at some of the largest tech companies and drawing a sharp rebuke from An order by the Trump administration, aimed at banning Huawei equipment from U.

S. networks, took effect on Thursday. The order also subjects the Chinese to strict export controls. has threatened to retaliate. It remains to be seen how the move will affect trade negotiations.

China's said on Friday trade frictions with the has had some impact on China's economy, but it was "controllable" and countermeasures would be rolled out when needed to "keep economic operations within reasonable range". The comments came after reported surprisingly weaker growth in and industrial output for April this week.

Shares of companies declined after the US signed an order that put Huawei and some 70 affiliates on a blacklist. (02382) dived 10.4% to HK$76.2. (02018) dropped 3.6% to HK$43.05. (00285) slumped 11.8% to HK$11.4. (02038) shed 5% to HK$0.96. or network suppliers bore the brunt of the selling. (00763) plunged 8.1% to HK$19.66. (00788) slumped 6.4% to HK$1.88. YOFC (06869) dipped 2.6% to HK$17.02. (00552) slipped 3.3% to HK$5.91.

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

First Published: Fri, May 17 2019. 17:06 IST