Economy

Hong Kong: Stocks start with losses

Hong Kong: Stocks start with losses”

(MENAFN - Baystreet.ca) Mainland Chinese stocks mostly deepened losses by the close, with other Asia Pacific markets also moving lower as U.S. Hong Kong-listed shares of Tencent (TCEHY) and Alibaba (SLIME) they fell 5.8% and 3.6%, respectively.

Tech stocks in Asia were among Friday's biggest losers. South Korea's Kospi 180721, - 0.71% declined 0.6%, and benchmark records in Taiwan Y9999, - 0.87%, Singapore STI, - 1.27% and Indonesia JAKIDX, - 1.20% all dropped.

Exports fell 16.6% as demand was hammered by the coronavirus pandemic, the central bank reported in a statement on its website. Australia's S&P/ASX 200 added 0.2% to 6,085.90, even after Josh Frydenberg, the treasurer, said data showed the economy contracted 7% in the last quarter.

At the close of trade, the Hang Seng index was down 557.67 points or 2.21% at 24,705.33.

The Shanghai Composite index led regional losses, shedding 1.7% to 3,268.58.

China announced on Friday that it ordered the United States to shut its consulate in Chengdu, following the USA demanding the closure of the Chinese consulate in Houston. China said it would retaliate. US President Donald Trump said he could shutter additional Chinese consulates following the closure of the consulate in Texas.

"In the main, the escalation in U.S. -China tensions is a reminder of the headline risk faced by investors during the upcoming USA election campaign", Stephen Innes of AxiCorp said in a commentary.

The Dow Jones Industrial Average opened at 26,533.41 points, down 118.92 points, or 0.45 percent.

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Mumbai eased 0.6% and Seoul was 0.7% off, while there were also losses in Taipei, Manila and Wellington. The innovation substantial Nasdaq Composite Index COMP, - 2.28% lost 244.71 focuses, or 2.3%, to 10,461.42.

Analysts said investors also are wary over the unclear prognosis for further stimulus for the US economy, just as the end of a previous package of extra support for those made jobless by the pandemic looms.

So far, earnings have been coming in moderately better than expected, though companies have worked to lower expectations.

The yuan was quoted at 7.0208 per US dollar at 0817 GMT, 0.24% weaker than the previous close of 7.004.

"The market is anticipating that there will be something".

Gold for August delivery rose another $3.10 to $1,868.20 an ounce, after jumping $21.20 to $1,865.10 an ounce overnight in another sign investors were shifting some holdings to traditionally less risky assets. It gave up 83 cents to $41.07 per barrel on Thursday. Brent crude oil for September delivery added 15 cents to $43.46.

The latest dust up comes amid allegations of theft of US intellectual property - including by Chinese researchers with military and government connections - for Beijing's benefit. The euro rose to $1.1615 from $1.1596.

AP Business Writers Joe McDonald in Beijing and Alex Veiga and Damian J. Troise contributed.



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