Hong Kong Market falls before Trump-Xi summit

The Hong Kong share market closed down on Thursday, 27 June 2019, following losses in Mainland A-share market as investors attention remained on the meeting between President Donald Trump and President Xi Jinping at the G20 summit this weekend that could determine the next chapter in the trade war between the world's two largest economies. At closing bell, the Hang Seng Index fell 0.28%, or 78.80 points, to 28,542.62. The Hang Seng China Enterprises Index was down 0.14%, or 15.28 points, to 10,881.85. The turnover was HK$71.78 billion.

Investors looked toward developments on the U.S.-China trade front, with Presidents Donald Trump and Xi Jinping set to meet at weekend G-20 summit in Osaka. U.S. President Donald Trump has agreed to no preconditions for his high-stakes meeting with Chinese President Xi Jinping at the G20 summit in Osaka, Japan, on Saturday.

 

A positive outcome could provide the market with a boost while a collapse in discussions could be a weight. An agreement between Trump and Xi at the G-20 summit in Japan could avert the next round of tariffs on additional $300 billion worth of Chinese imports.

At the G-20 summit, Xi told a meeting of the BRICS (Brazil, Russia, India, China, South Africa) countries' leaders that protectionist measures being taken by some developed countries are damaging the global trade order.

Among HK bluechips, HSBC (00005) fell 0.384% to HK$64.8. China Mobile (00941) dropped 0.35% to HK$71.15. Tencent (00700) fell 0.057% to HK$352.6. HKEX (00388) dropped 0.433% to HK$275.8.

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