Hong Kong Hang Seng Pulls Back on Sino-US Tensions

Tuesday, December 3, 2019 5:26 AM | MT Newswires

The Hong Kong Hang Seng index opened lower Tuesday and could not recover ground, closing off 0.20% as traders eyed ongoing tensions between Beijing and Washington. The China state-controlled Global Times tweeted that Beijing will compile a list of banned US companies in response to what China perceives as US meddling in the treatment of Uighur Muslims in the western province of Xinjiang. The US House may vote Tuesday on the so-called Xinjiang bill, on the heels of President Donald Trump signing into law legislation supporting pro-democracy demonstrators in Hong Kong. The Xinjiang bill would place sanctions on Sino officials for human-rights violations.

The broad measure Hang Seng fell 53.42 to 26,391.30, as losing issues outnumbered gainers 28 to 21.

Leading the upside on a down day were China Overseas Land (688:HK), up 2.2%, followed by Apple (AAPL)-supplier AAC Technologies (2018:HK), also up 2.2%, and then knitwear-maker Shenzhou International (2313;HK), up 1.7%.

On the downside were pork-purveyor WH Group (288:HK), off 2.2%, and then old-line conglomerate Swire Pacific (19:HK), off 1.8%.

On the mainland, the Shanghai Composite rose 0.31% to 2,884.70.

In economic news, Hong Kong Chief Executive Carrie Lam said her government is looking to provide "targeted" help to businesses or industries that face difficulties in light of the six months of pro-democracy street turmoil that has consumed the city, reducing tourism and sales for retailers and others.

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