February 28, 2019 / 8:43 AM / 8 months ago

HK shares slide on trade, geopolitical risks

* HSI -0.4 pct, HSCE -0.3 pct; A-shares fall on factory data

* U.S. trade chief warns China tariffs could stay despite deal

* No deal from Trump-Kim summit; India-Pakistan tensions linger

HONG KONG, Feb 28 (Reuters) - The Hong Kong stock market fell on waning hopes for a speedy de-escalation to the Sino-U.S. tariffs tussle, and after the U.S. and North Korean leaders cut short their widely-watched summit. ** At the close of trade, the Hang Seng index was down 0.4 percent at 28,633.18. The Hang Seng China Enterprises index fell 0.8 percent. ** But the Hang Seng is up 2.5 pct for the month. H-shares rose 3 percent in February. ** The sub-index of the Hang Seng tracking energy shares dipped 1 percent, the IT sector lost 0.8 percent, while the financial sector ended 0.2 percent higher, and the property sector closed down 1.4 percent. ** U.S. President Donald Trump said on Thursday he walked away from talks with Kim Jong Un, North Korea’s leader, as the two sides failed to reach an agreement on removing U.S. sanctions. ** The news came just a day after India and Pakistan said they both shot down each other’s fighter jets, prompting world powers to urge restraint. ** “The external factors are pressuring the (Hong Kong) market,” said Patrick Yiu, managing director at CASH Asset Management in Hong Kong. “People also sense that things could still change in U.S.-China talks before they sign a trade agreement.” ** U.S. Trade Representative Robert Lighthizer on Wednesday cautioned that much work was still needed to nail down a U.S.-China trade agreement, and that the United States will need to maintain the threat of tariffs on Chinese goods for years even if Washington and Beijing strike a deal. ** Factory activity in China contracted to a three-year low in February as export orders fell at the fastest pace since the global financial crisis, official data on Thursday showed. But total new orders, an indicator of future activity, edged back into expansionary territory. ** The Shanghai Composite Index closed 0.4 percent lower while the blue-chip CSI300 index fell 0.3 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.5 percent, while Japan’s Nikkei index closed down 0.8 percent. ** In Hong Kong, the three biggest H-shares percentage decliners were Air China Ltd and Great Wall Motor Co Ltd , both down 4.8 percent, followed by Guangzhou Automobile Group Co Ltd, which lost 3.5 percent. ** About 2.15 billion Hang Seng index shares were traded. The volume traded in the previous trading session was 2.45 billion. ** At close, China’s A-shares were trading at a premium of 23.34 percent over the Hong Kong-listed H-shares. (Reporting by Noah Sin; Editing by Gopakumar Warrier)

Nuestros Estándares:Los principios Thomson Reuters
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