Hong Kong Market ends lower on profit booking

The Hong Kong stock market finished session lower on Tuesday, 25 August 2020, as investors elected to book profit after healthy two-day rally. However, market losses capped after senior U.S. and Chinese officials expressed optimism over resolving issues around their Phase 1 trade deal.

At closing bell, the benchmark Hang Seng Index declined 0.26%, or 65.36 points, to 25,486.22. The Hang Seng China Enterprises Index dropped 0.44%, or 45.10 points, to 10,291.85.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke with Chinese Vice Premier Liu He in a "regularly scheduled call" on Monday, USTR said in a statement, adding that both sides "see progress" in implementing the Sino-U.S. trade deal.

 

The talks came at a time of increasingly sour relations between the world's leading economies, as President Donald Trump, facing a tough re-election battle, has attacked China on everything from its handling of the coronavirus outbreak to claimed national security threats posed by its tech giants Huawei as well as Tencent through the popular WeChat app.

AAC Technologies tumbled 7.4% on Monday's disappointing second-quarter results and a downgrade by Citigroup to sell. It was the worst performer on the Hang Seng, followed by Sunny Optical, as Goldman Sachs cut the lens maker to sell from buy.

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