December 4, 2019 / 5:08 AM / 6 days ago

Hong Kong stocks hit near 2-month low on trade worries; China also falls

* SSEC -0.3%, CSI300 -0.2%, HSI -1.2%

* HK->Shanghai Connect daily quota used -0.1%, Shanghai->HK daily quota used 2.8%

* FTSE China A50 -0.2%

SHANGHAI, Dec 4(Reuters) - Hong Kong stocks hit a near two-month low on Wednesday, as hopes of a quick initial trade deal were dented following U.S. President Donald Trump’s remarks.

** The Hang Seng index dropped as much as 1.5% to its lowest since Oct. 11, while the Hong Kong China Enterprises Index lost 1% to 10,255.95.

** U.S. President Donald Trump’s comments that a trade deal with China might have to wait until late 2020 raised fresh doubts on when the dispute might end, while a U.S. House bill targeting camps for Muslims in Xinjiang drew Beijing’s ire.

** Police in Hong Kong this week re-entered the campus of a university it besieged for more than 10 days last month, gathering newly discovered chemicals and petrol bombs hoarded by anti-government protesters in the Chinese-ruled city.

** For the short term, there is no upward momentum for Hong Kong stocks whose fundamentals are yet to pick up, while there are persistent worries over the social events in Hong Kong and the prospects of Sino-U.S. trade talks, said Lin Hongwei, an analyst with Yunfeng Financial Group.

** Shares on the mainland also fell, although losses were limited after a private survey showed a pick-up in services sector activity.

** Activity in China’s services sector accelerated to a seven-month high in November, as new business, especially new export business, picked up, a private survey showed on Wednesday.

** The CSI300 index fell 0.2% to 3,844.56 at the end of the morning session, while the Shanghai Composite Index slid 0.3% to 2,874.88.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.88%, while Japan’s Nikkei index was down 1.12%.

** The yuan was quoted at 7.0695 per U.S. dollar, 0.12% weaker than the previous close of 7.061.

** So far this year, the Shanghai stock index has risen 15.67%, while China’s H-share index is up 2.3%. Shanghai stocks have risen 0.44% this month.

** By 0439 GMT, China’s A-shares were trading at a premium of 29.38% over the Hong Kong-listed H-shares. (Reporting by Luoyan Liu and John Ruwitch; editing by Uttaresh.V)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below