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Hong Kong Hang Seng Finishes Flat as China-US Tensions Flare-Up Over Security Law


Last updated: 07/15/2020 07:08:38

07:08 AM EDT, 07/15/2020 (MT Newswires) -- The Hong Kong Hang Seng Index opened higher Wednesday but finished flat as investors weighed tensions between Beijing and Washington. US biotech firm Moderna (MRNA) on Tuesday said its COVID-19 vaccine candidate showed promise in early-stage trials, bolstering investor sentiment. But also on Tuesday, US President Donald Trump signed an executive order to end preferential economic treatment for Hong Kong after Beijing recently imposed a controversial national security law on the former British crown colony.

The Hang Seng finished up 3.69 to 25,481.58, although losers outnumbered gainers 34 to 13.

Leading the upside was knitwear maker Shenzhou International (2313:HK), up 4.7%, followed by internet-media heavyweight Tencent (700:HK), up 3.4%. Toolmaker Techtronic (669:HK) rose 2.9%.

On the downside were tech outfits AAC Technologies (2018:HK) and Sunny Optical Technology (2382:HK), off 5.9% and 3.1%, respectively.

On the mainland, the Shanghai Composite fell 1.6% to 3,361.30.

In other news, Beijing on Wednesday voiced opposition to the UK's decision Tuesday to ban China-based Huawei Technology from its 5G network. The UK had previously approved of Huawei playing a limited role in building its new network. Chinese Foreign Ministry spokesperson Hua Chunying said China will fully and seriously assess the decision, according to state media reports.
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