Global Market News

Hong Kong Hang Seng Backtracks 0.70% on US Tariff Worries


Last updated: 11/08/2019 05:18:06

05:18 AM EST, 11/08/2019 (MT Newswires) -- The Hong Kong Hang Seng Index opened evenly Friday but slumped in trading, finishing down 0.70% after media reports that some White House officials disagree with possible plans to lower tariffs as part of partial trade-pact between the Trump Administration and Beijing.

The broad gauge Hang Seng fell 196.09 to 27,651.14, as losing issues outnumbered gainers 39 to 10.

Leading the upside on a down day were Geely Automonile (175:HK), up 1.8%, followed by state oil-giant CNOOC (883:HK), up 1.3%, and then coal-miner China Shenhua Energy (1088:HK), up 0.9%.

On the downside were Henderson Land Development (12:HK), off 2.6%, and then Sino Biopharmaceutical (1177:HK), off 2.5%.

The Hang Seng is up 6.99% year-to-date/

On the mainland, the Shanghai Composite fell 0.49% to 2,964.19.

In economic news, China exports fell by 0.9% year-over-year in October, better-than-expected. Imports fell by 6.4% in October, year-over-year.
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