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Hong Kong Hang Seng Down 0.24% on Profit-Taking; Shanghai Slips

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Last updated: 01/14/2020 05:28:14

05:28 AM EST, 01/14/2020 (MT Newswires) -- The Hong Kong Hang Seng Index opened higher Tuesday after overnight Wall Street gains, but lost ground in the afternoon session to finish off 0.24%, as traders booked profits following recent rallies tied to the improving Sino-US trade outlook, said analysts. The US Treasury Department on Monday dropped the designation of mainland China as a currency manipulator, while the signing of the "phase 1" Sino-US trade deal is slated for Wednesday.

The Hang Seng fell 69.80 to 28,885.14, as losing issues outnumbered gainers 25 to 24.

Leading the upside on a down day were Macau gaming-houses Sands China (1928:HK), up 3.1%, and then Sands China (27:HK), up 2.3%. Also gaining was knitwear-maker Shenzhou International (2313:HK), up 1.8%.

On the downside were Apple (AAPL)-supplier AAC Technologies (2018:HK), off 4.4%, and then smartphone-components maker Sunny Optical Technology (2382:HK), off 2.3%.

On the mainland, the Shanghai Composite fell 0.28% to 3,106.82.

In economic news, China's dollar-denominated exports rose a better-than-expected 7.6% year-over-year in December, Reuters reported, citing official data. December Imports were up 16.3% year-over-year.

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