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=MARKET BUZZ: Hong Kong’s HSI Lower As Trade Worries Overshadow Upbeat Earnings

HONG KONG (Mar 16) -- Hang Seng down 0.1% at 31,501.97 as US trade policy concerns continue to hurt outlook for equities. Shanghai Composite falls 0.6% and index of mainland companies in HK, H-share gauge slips 0.4% amid New York Times report that Trump looking at imposing tariffs to penalize China’s alleged theft of American intellectual property. Anli Holdings chairman Andrew Wong says market affected by news of White House investigating Chinese intellectual property and HSI remains in consolidation mode under 32,000. Lenders biggest contributors to losses on H-share index. Industrial & Commercial Bank of China drops 1.1% and Bank of Communications sheds 0.8%. Robust earnings help limit losses on HSI. China Unicom (Hong Kong) adds 1.5% after reporting three-fold rise in net profit for year ended Dec 31. Power Asset climbs 3.2% to HK$71.20, after declaring special one-off dividend of HK$6 per share and reporting 30% rise in full year 2017 net profit attributable to shareholders. CK Infrastructure advances 0.5% after 6% increase in 2017 net profit attributable to shareholders. Turnover on main board climbs to HK$143.7 billion ($18.3 billion), highest in over a month.

- By Hong Kong Newsroom; hkeditorial@nikkeinewsrise.com; +852 3960 5102
- Edited by Nimesh Vora
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