Hong Kong Market ends softer

The Hong Kong share market finished session lower after erasing initial gains on Tuesday 27 August 2019, as risk sentiments remained vigilant amid worried about the impact of higher trade tariffs on Chinese corporate profits. Market losses were limited on optimism about the progress in the trade war between the U.S. and China after President Donald Trump showed his willingness to resume dialogue with Beijing. At closing bell, the Hang Seng Index declined 0.06%, or 16.26 points, to 25,664.07. The Hang Seng China Enterprises Index sank 0.17%, or 17.32 points, to 9,996.19.

US President Donald Trump said on Monday that Chinese officials had contacted their U.S. trade counterparts and offered to resume negotiations, an assertion that China declined to confirm. His comments helped temper sharp losses in global markets after both sides announced new tariffs on Friday, in the latest escalation in the protracted trade dispute.

 

MSCI said it will add eight Chinese stocks to the MSCI China Index, with an inclusion factor of 15%. It will give China-listed shares a weighting of 7.79% and 2.46% in the MSCI China and MSCI Emerging Markets indexes respectively, according to a recent statement by MSCI.

Blue chips were mixed. HSBC (00005) edged down 0.3% to HK$56.05. HKEX (00388) dipped 0.8% to HK$241.4. Tencent (00700) nudged up 0.1% to HK$326.2. China Mobile (00941) shed 1.5% to HK$65.4. AIA (01299) fell 0.2% to HK$75.35. Country Garden (02007) soared 3.8% to HK$10.1 after the company spent HK$173 million to buy back its own shares.

WH Group (288 HK), world's biggest pork producer, was up 4.6% to HK$6.42, on talks that China's pork import in 2020 may rise to 4.2 million tons this year from 3.3 million tons this year.

Anta Sports (2020 HK), China's biggest sportwear maker by sales, rose 5.4% to HK$64.55, a record high, after Macquarie raised the target price to HK$82 from HK$69.

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