Hong Kong Market ends lower in quiet trade

Hong Kong share market closed lower in quiet trade on Monday, 27 May 2019, as investors risk sentiments dented on fears of global recession driven by the trade war. Meanwhile selloff fueled after China's industrial profit in April posted its biggest drop since December 2015. At closing bell, the Hang Seng Index declined 0.24%, or 65.84 points, to 27,288.09. The Hang Seng China Enterprises Index was down 0.41%, or 42.78 points, to 10,402.76.

Smartphone supply chain players were mixed as the US sanctions on Huawei continued to weigh on sentiment. Sunny Optical (02382) shed 0.6% to HK$67.2. AAC Technologies (02018) added 0.7% to HK$42.3. BYD Electronic (00285) retreated 0.6% to HK$10.42. Q Technology (01478) rose 0.9% to HK$5.47. FIH Mobile (02038) slipped 0.6% to HK$0.93. Cowell e Holdings (01415) slid 2.8% to HK$1.38.

 

Shares of 5G plays closed stronger. ZTE (00763) gained 2% to HK$19.56. China Tower (00788) surged 4.8% to HK$1.76. Comba Telecom Systems (02342) jumped 3.3% to HK$1.56.

ECONOMIC NEWS: he Census and Statistics Department (C&SD) released today the external merchandise trade statistics for April 2019. In April 2019, the value of total exports of goods decreased by 2.6% over a year earlier to HK$321.5 billion, after a year-on-year decrease of 1.2% in March 2019. Concurrently, the value of imports of goods decreased by 5.5% over a year earlier to HK$356.6 billion in April 2019, after a year-on-year decrease of 0.1% in March 2019. A visible trade deficit of HK$35.1 billion, equivalent to 9.8% of the value of imports of goods, was recorded in April 2019. For the first four months of 2019 as a whole, the value of total exports of goods dropped by 2.5% over the same period in 2018. Concurrently, the value of imports of goods decreased by 3.7%. A visible trade deficit of HK$154.0 billion, equivalent to 11.0% of the value of imports of goods, was recorded in the first four months of 2019.

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