Hong Kong Market gains 0.56%

Headline indices of the Hong Kong share market closed higher on Tuesday, 18 September 2018, as risk appetite buying underpinned late afternoon on tracking rebound in Mainland A-share market today. However, market gains were capped on fears of escalation in trade tensions between the U.S. and China escalated after U.S. President Donald Trump imposed 10% tariffs on about $200 billion worth of Chinese imports, while China has pledged to retaliate to any new tariffs imposed by the U.S. The Hang Seng Index added 151.81 points or 0.56% to 27,084.66. The Hang Seng China Enterprises Index fell 94.89 points or 0.91% to 10,556.98. The sub-index of the Hang Seng tracking the Commerce & Industry sector added 0.34%, properties sector rose 0.82%, financial sector was 0.71% up, and Utilities sector gained 0.26%. Turnover increased to HK$86.4 billion from HK$64.4 billion on Monday.

The administration of U.S. President Donald Trump on Monday announced a 10% tariff on another batch of $200 billion of Chinese imports, bringing the trade war between the world's two largest economies to a new level. The long-threatened new tariffs will take effect Sept. 24 and will be raised to 25% at the beginning of 2019, according to a statement published by the White House.

 

Shares of HK-listed Chinese lenders were higher. ICBC (01398) rose 0.7% to HK$5.46. CCB (00939) added 0.5% to HK$6.54. BankComm (03328) nudged up 0.4% to HK$5.65. BOC (03988) inched up 0.3% to HK$3.4.

Chinese insurers were also higher. Ping An (02318) put on 1.1% to HK$75.35. China Life (02628) advanced 1% to HK$17.06. PICC P&C (02328) jumped 1.7% to HK$8.54. PICC Group (01339) ascended 0.9% to HK$3.25.

OFFSHORE MARKET NEWS, US stock market closed down on Monday. The Dow Jones Industrial Average fell 92.55 points or 0.4% to 26,062.12, the Nasdaq plunged 114.25 points or 1.4% to 7,895.79 and the S&P 500 slid 16.18 points or 0.6% to 2,888.80.

The major European markets also closed down on Monday. The French CAC 40 Index and the German DAX Index edged down by 0.1% and 0.2%, respectively, while the U.K.'s FTSE 100 Index closed just below the unchanged line.

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