Business Standard

Friday, December 27, 2024 | 12:21 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

Hong Kong Market extends losses amid Middle East tensions

Image

Capital Market
Headline indices of the Hong Kong stock market finished session down on Monday, 06 January 2020, as worried investors continued withdrawing money out from risky assets toward traditional safer havens rising tensions in the Middle East, forcing investors to overlook positive cues such as progress in US-China trade talks and Beijing's policy support to prop up the economy. At closing bell, the benchmark Hang Seng Index dropped 0.79%, or 225.31 points, to 28,226.19, with 42 of its 50 constituent members declining. The Hang Seng China Enterprises Index was down 0.78%, or 88.14 points, to 11,165.41.

US President Donald Trump threatened to impose sanctions on Iraq and retaliate against Iran if it strikes back after the killing of its top commander. His threat against Iraq comes after its parliament voted in favour of expelling U.S. troops.

 

All but eight constituents of the 50-member Hang Seng Index fell, with property stocks providing the biggest drag. Wharf Real Estate Investment dropped 3.2% to HK$45.15 and Country Garden Holdings lost 2.1% to HK$12.32.

Oil producers rallied as the US attack boosted crude oil futures to their highest level since April. PetroChina (00857) shot up 4% to HK$4.2. CNOOC (00883) gained 3.6% to HK$13.72. Sinopec (00386) advanced 0.6% to HK$4.8. China Oilfield Services (02883) added 2.9% to HK$12.88.

The increased geopolitical tensions also boosted gold prices which pushed miners of the yellow metal higher. China Silver Group (00815) soared 5.6% to K$0.95. Zhaojin Mining Industry (01818) jumped 4.9% to HK$9.42. Shandong Gold Mining (01787) shot up 3.8% to HK$19.82.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jan 06 2020 | 8:14 PM IST

Explore News