May 24, 2019 / 8:31 AM / 6 months ago

Hong Kong stocks fall for 3rd week amid tech cold war fears

* HK->Shanghai Connect daily quota used 0.5%, Shanghai->HK daily quota used 2.3%

* HSI +0.3%, HSCE +0.4%, CSI300 +0.3%

* FTSE China A50 +0.8%

May 24 (Reuters) - Hong Kong stocks ended higher on Friday, but lost ground for a third week in a row, as the Huawei sanctions raised fears about Sino-U.S. trade tensions morphing into a tech cold war.

** The Hang Seng index rose 0.3%, to 27,353.93, while the China Enterprises Index gained 0.4%, to 10,445.54.

** For the week, HSI sank 2.1%, while HSCE lost 2.3%, both declining for the third week in a row.

** U.S. President Donald Trump said on Thursday that Washington’s complaints against Huawei Technologies might be resolved within the framework of a U.S.-China trade deal, while calling the Chinese telecom giant “very dangerous.

** The U.S. Commerce Department said on Thursday it was proposing a new rule to impose anti-subsidy duties on products from countries that undervalue their currencies against the dollar, another move that could slap higher tariffs on Chinese products.

** China said the United States needs to correct its “wrong actions” in order for trade talks to continue after it blacklisted Huawei, a blow that has rippled through global supply chains and battered technology shares.

** Leading losses in the market, the Hang Seng information technology index has lost 14.6% so far in May as the tech cold war fears simmers. The index is set for its worst monthly drop since October 2018.

** Tech giant Tencent Holdings Ltd slumped 8.5% for the week, losing 16.1% in May so far.

** Around the region, MSCI’s Asia ex-Japan stock index added 0.19%, while Japan’s Nikkei index closed down 0.16%.

** The yuan was quoted at 6.9038 per U.S. dollar at 08:15 GMT, 0.11% firmer than the previous close of 6.9116.

** The top gainers among H-shares were China Gas Holdings Ltd, up 5.1%, followed by Great Wall Motor Co Ltd that gained 3.86% and PICC Property and Casualty Co Ltd, which rose 3.3%.

** The three biggest H-shares percentage decliners were China Tower Corp Ltd, which shed 2.91%, Bank of China Ltd, which fell 1.2% and China Pacific Insurance Group Co Ltd, down 0.9%.

** At close, China’s A-shares were trading at a premium of 25.67% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom; Editing by Shreejay Sinha)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below