Hong Kong stocks close 0.52% down

Written by admin on 30/07/2019 Categories: 佛山桑拿网

Hong Kong shares ended 0.

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52 per cent lower following losses on Wall Street and owing to profit-taking from the previous day’s big gains.

The benchmark Hang Seng Index slipped 114.13 points to 21,732.32 on turnover of HK$66.68 billion ($A9.44 billion).

The index jumped 1.91 per cent on Monday as investors took a preliminary report showing China’s manufacturing contracting further in March as possibly pushing Beijing to loosen monetary policy.

However, a disappointing survey on US factory activity hit US shares, sending the Dow falling 0.16 per cent, the S&P 500 down 0.49 per cent and the Nasdaq tumbling 1.20 per cent.

In Hong Kong, internet firm Tencent tumbled 4.86 per cent to HK$558.5, bank ICBC edged up 0.22 per cent to HK$4.57, China Mobile added 0.60 per cent to HK$67.6 and insurer AIA slipped 0.97 per cent to HK$35.55.

In China, the benchmark Shanghai Composite Index was flat, edging up 1.03 points to 2,067.31 on turnover of 100.2 billion yuan ($A17.78 billion).

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, slipped 0.20 per cent, or 2.17 points, to 1,083.31 on turnover of 105.5 billion yuan.

“The market may move sideways in the short run as investors weigh potential benefits from the process of reforms against sluggish economic growth,” Luo Jing, a fund manager with Bosera Funds, told Dow Jones Newswires.

Analysts said a policy announced last week to allow some firms to raise funds through issuing preferred shares lent some support to the Shanghai market.

However, while Monday’s figures sparked reform hopes, there remain considerable concerns about the economy following a string of weak data in recent months, including on trade, industrial output and investment.

Shanghai-based firms rose on speculative buying. Shanghai International Port Group surged by its 10 per cent daily limit to 4.92 yuan while Shanghai Jinqiao Export Processing Zone Development also soared 10 per cent to 11.42 yuan.

China giving permission to two property developers to make rare private placements, as announced last week, lifted real estate firms.

Huayuan Property jumped 10 per cent to 2.99 yuan and Gemdale rose 1.80 per cent to 6.79 yuan.

Banks fell on profit-taking with China Citic Bank dropping 2.54 per cent to 4.61 yuan and Pudong Development Bank falling 0.51 per cent to 9.75 yuan.

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