Hong Kong Market falls amid rising trade fears

Hong Kong share market closed session lower on Tuesday, 26 June 2018, as risk aversion selloff triggered on following the slump on the Wall Street overnight and escalating trade friction between the United States and other major economies. Investors were scared that there will be more tariffs that would hurt China's consumption and trade markets. The benchmark index opened down 80 points to 28,881 and widen it losses to 456 points at one stage to an intra-day low of 28,505 before recovering most of the losses. The Hang Seng Index ended down 62 points or 0.2% to 28,898. The H-share index fell 60 points or 0.5% to 11,148. Half-day turnover increased to HK$70.7 billion from HK$48 billion on Monday.

Hong Kong's value of total exports of goods rose 15.9% in May over a year earlier to HK$351.4 billion, after a year-on-year increase of 8.1% in April, according to the Census and Statistics Department. Concurrently, the value of imports of goods grew 16.5% over a year earlier to HK$394.6 billion in May 2018, after a year-on-year increase of 11.1% in April. A visible trade deficit of HK$43.2 billion, equivalent to 11% of the value of imports of goods, was recorded in May. For the first five months of 2018 as a whole, the value of total exports of goods rose 10.7% over the same period in 2017. Concurrently, the value of imports of goods increased by 11.9%. A visible trade deficit of HK$219.8 billion, equivalent to 11.9% of the value of imports of goods, was recorded in the first five months of 2018.

 

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