Hong Kong Market falls on trade, economic woes

The Hong Kong stocks closed lower on Friday, 27 September 2019, with the benchmark Hang Seng Index down 0.33%, or 87.12 points, to 25,954.81. The Hang Seng China Enterprises Index shed 0.62%, or 63.50 points, to 10,148.77. The decline in the city market was due to due to trade uncertainties, and slowing growth, ahead of China's national golden week holidays starting from Tuesday (1 October).

A visit by Chinese trade officials to two American farming states, part of an effort by a larger delegation visiting Washington to get bilateral trade talks on track, has been cancelled because of a changed travel schedule. The head of the group that was scheduled to visit Montana and Nebraska will now to return to Beijing earlier than planned. News of the cancellation came as bilateral talks in Washington, which US President Donald Trump said were making a lot of progress, continued for a second day.

 

Blue chips were mixed. HSBC (00005) edged up 0.3% to HK$59.9. HKEX (00388) added 0.7% to HK$226.8. Tencent (00700) dipped 0.9% to HK$329.4. China Mobile (00941) fell 0.5% to HK$64. AIA (01299) nudged down 0.5% to HK$74.

Strong sales of Huawei's Mate 30 smartphone have failed to boost the handset component suppliers. FIH Mobile (02038) slipped 2% to HK$0.97. Sunny Optical (02382) ebbed 0.1% to HK$114.4. AAC Technologies (02018) shed 1.7% to HK$41.7. Tongda Group (00698) weakened by 3.3% to HK$0.58. But Q Technology (01478) put on 1.9% to HK$8.56. FIT Hon Teng (06088) ascended 0.3% to HK$3.31. Truly International (00732) also advanced 0.9% to HK$1.13.

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