=MARKET BUZZ: Hong Kong’s HSI Slips 0.5%, Led By China Financial Shares
HONG KONG (Mar 14) -- Hang Seng declines 0.5% to 31,435.01 amid fears US may impose tariffs on Chinese imports. Shanghai Composite sheds 0.6% and index of mainland companies trading in HK drops 0.5% following Reuters report Trump looking to impose tariffs on up to $60 billion of Chinese imports. Report comes less than a week after Trump passes tariff on steel and aluminum imports, prompting additional concerns of trade wars. Harris Fraser (International) chief investment strategist Andy Wong says it is better to avoid trade related stocks at the moment and to buy into Chinese companies “with less correlation with the outside world.” Trump’s firing of his Secretary of State also sours risk appetite; analysts say move signals tougher US stance on foreign and trade policies. Tariff worries overshadow tame US CPI print and better-than-expected China February industrial activity and fixed-asset investment data. Industrial & Commercial Bank of China leads mainland banks lower, falling 1.4%. China Life Insurance slips 1.1% after reporting 18.6% decline in accumulated premium income for first two months of year. Ping An Insurance drops 0.5%. 29 of HSI’s 50 constituents close lower and 5 end unchanged. Turnover on main board at HK$103.2 billion ($13.1 billion).
- By Hong Kong Newsroom; email@example.com; +852 3960 5102
- Edited by Nimesh Vora
- Send Feedback to firstname.lastname@example.org
- Copyright (c) 2018 Nikkei NewsRise Asia Pte Ltd.