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  • Hong Kong Market falls 0.7%

    08-Nov-2019 | 15:51

    The Hong Kong stock market closed down on Friday, 08 November 2019, as prisk off selloff triggered on doubt of US-China trade truce deal after reports that the plan to cancel tariffs faces fierce internal opposition in the White House and from outside advisers. At closing bell, the benchmark Hang Seng Index declined 0.7%, or 196.09 points, to 27,651.14. The Hang Seng China Enterprises Index sank 0.5%, or 53.59 points, to 10,882.30.

    Shares were pressured after reports that the plan to cancel tariffs faces fierce internal opposition in the White House and from outside advisers. On Thursday, US and Chinese officials said the two countries will roll back tariffs on each others goods in a phase one trade deal if it is completed.

    Gao Feng, a ministry spokesperson for Chinas Commerce Ministry, said on Thursday that Beijing and Washington had agreed to simultaneously cancel some existing tariffs on one anothers goods that has crimped economic growth and roiled markets. A spokesman for Chinas Ministry of Commerce told reporters these roll-backs could happen even before a phase one trade deal is signed. No timetable was indicated, but a “phase one” deal is widely expected to include a U.S. pledge to scrap tariffs scheduled for Dec. 15 on about $156 billion worth of Chinese imports, including cellphones, laptop computers and toys.

    The US and China have imposed tariffs on each others goods, worth billions of dollars worth of annual trade since last year. The duties have hurt trade, acting as a drag on the economies of both countries and putting pressure on their leaders to strike an agreement. The International Monetary Fund estimated that the US-China trade war will shave almost a percentage point off of global growth this year.

    Blue chips were mostly weaker. HSBC (00005) edged down 0.2% to HK$60.05. HKEX (00388) inched up 0.4% to HK$254 on talks that Alibaba may kick off its IPO roadshow next week. Tencent (00700) dipped 1.9% to HK$329.2. China Mobile (00941) nudged up 0.1% to HK$64.3. AIA (01299) slipped 1.1% to HK$82.4.

    Chinese automakers rose across the board. Geely Automobile (00175) jumped 1.8% to HK$15.54. It was the best performing blue chip. Great Wall Motor (02333) shot up 3.6% to HK$6.84 after it reported October sales growth of 4%. BYD (01211) climbed 3% to HK$39.45 after it announced a plan to set up a JV with Toyota. Dongfeng Motor (00489) put on 2.2% to HK$8.09. Brilliance China Automotive (01114) added 0.3% to HK$9.32. GAC Group (02238) surged 3.6% to HK$8.76.

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