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Donald Trump expressed optimism that a US-China trade pact could be reached shortly which would include Huawei.
The US increased the list of Chinese companies subject to sanction. China-US trade war worsened and dragged down stock markets. The Hong Kong market fell sharply on Thursday. Hang ...
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Donald Trump expressed optimism that a US-China trade pact could be reached shortly which would include Huawei.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2019/05/24 09:15
The US increased the list of Chinese companies subject to sanction. China-US trade war worsened and dragged down stock markets. The Hong Kong market fell sharply on Thursday. Hang Seng index opened down 200 points and H share index down 103 points. A shares opened down 0.96%. Shanghai composite index lost 28 points. The market fell further after opening and Hang Seng index lost more than 400 points. Tencent lost 2.7% for 73 point loss. AIA lost 1.25% for 34 point loss. China Mobile lost 1.24% for 17 point loss. HSBC lost 0.4% for 12 point loss. Global mobile telephone operators stopped selling Huawei handset after the US imposed sanction on the company. Handset suppliers fell sharply. AAC lost 4.9% and Sunny Optical lost 6% to become the top two losers at opening. ZTE lost 3.2%. Comba lost 3.2%. Carmakers fell. Geely lost 4.4%. Great Wall lost 5%. Pork producers rose. WH Group rose 2.3%. Mengniu rose 1.9% to become the top gainer. Hang Seng index fell to a low of 27292 points, down 434 points. A shares closed the morning down 0.84%. Shanghai composite index closed the morning down 24 points. Hang Seng index closed down 359 points and H share index down 173 points. Turnover was $50.1 billion.
 
The market was little changed in early afternoon. Hang Seng index lost more than 300 points. Heavyweights led the fall. Tencent lost 3.3% for 89 point loss. AIA lost 1.25% for 34 point loss. CCB lost 0.95% for 19 point loss. Ping An lost 1.2% for 17 point loss. Handset suppliers were the leading losers. Sunny Optical lost 8%. AAC lost 6.8%. Foxconn lost 6%. ZTE lost 5.9%. Metals were mixed. Rare earth shares rose. China Rare Earth rose 9%. REMT rose as much as 49%. However, Lueyang Moly lost 6.3%. Jiangxi Copper lost 2%. Chalco .lost 1.9%. Consumer and food shares rose. Mengniu rose 2.4% to lead the blue chips. Want Want rose 1%. Tingyi rose 5%. A shares closed down 1.36%. Shanghai composite index lost 39 points. Hong Kong shares fell further with Hang Seng index down more than 500 points. Tencent led technology stocks in a rout. Tencent lost 4.4% for 120 point loss. Kingdee lost 5.2%. Kingsoft lost 4%. Meituan lost 5.2%. Sinosoft lost 5%. Hang Seng index fell to an intraday low of 27169 points, down 537 points. Hang Seng index closed down 439 points and H share index closed down 203 points. Turnover was $99 billion.
 
Overnight overseas markets fell sharply. The intensification of the US-China trade war unnerved financial markets. Equity market fell by more than 1% overnight.  European markets were down more than 1.5%. DAX lost 216 points. CAC lost 97 points and FTSE lost 103 points. China-US trade war escalated and technology stocks led the fall. Dow Jones lost 286 points. S & P lost 34 points and Nasdaq lost 112 points. Hong Kong ADR’s lost 54 points in New York. Night future fell 55 points. Donald Trump expressed optimism that a US-China trade pact could be reached shortly which would include Huawei. We expect the market to rise today. 
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