Trump re-intimidates the HSI to end 5 consecutive rises in Hong Kong stocks, a sharp drop of only 60 billion
Sino-US trade negotiations have improved slightly since the “Study Conference" at the end of last month, but US President Trump has repeatedly pressured China to threaten or levy a $325 billion Chinese goods. tariff. Trump’s export, Hong Kong stocks once fell more than 200 points yesterday, and then the decline has narrowed sharply, eventually fell only 26 points or 0.09%, closed at 28,593 points, ending the 5th rally, the turnover fell further to only 60 billion yuan.
The Hang Seng Index followed the external downtrend yesterday and opened 155 points lower. After the market opened, it fell 242 points and saw a low of 28377 points. However, the low level has buying support, and the market’s decline narrows. In the afternoon, Hong Kong stocks remain at 28550 level, and the closing time is large. The city’s decline further narrowed, and finally closed at the highest level of the day, at 28,593 points, only 26 points, 10 days and 20 antennas lost. The H-Share Index closed at 10,847, down 17 points or 0.16%. The market turnover fell for two days, only 60 billion yuan.
Heavyweight stocks developed individually, Tencent (700) rose 0.17%; AIA (1299) rose 0.12%; MTR (066) rose to a new high on the 7th, up 0.82%; China Mobile (941) fell 0.07%; Wanzhou (288) fell 1.89%, being the worst performing blue chip.
Car stocks ran out
In terms of focus, the US retail sales data unexpectedly improved last month, alleviating the market’s concerns about the US economy. At the same time, the Fed’s interest rate cuts were expected to cool down. Interest-sensitive property stocks once retreated yesterday, but re-financed in the afternoon. After catching up, the market rebounded slightly. Among them, Cheung Kong (1113) rose 0.25%; Xindi (016) rose 0.15%; Hang Lung Properties (101) rose 1.15% to 19.44 yuan, a record high of nearly three months.
There were also auto stocks in the uptrend sector. Geely (175) was honoured by Nomura and maintained a “Buy” rating. The target price remained at $16.2, up 3.04% yesterday and closed at $12.22, making it the best performing blue chip. Other auto stocks also made good, BYD (1211) rose 1.45%; Guangzhou Automobile (2238) rose 2.11%; Great Wall Motor (2333) rose 1.58%; Brilliance (1114) rose 4.82%.
Demonstrations continue to affect retail stocks
The Hong Kong Retail Management Association recently pointed out that if large-scale demonstrations in Hong Kong continue, or the revised overall sales forecast for the whole year is double-digit negative growth. Retail stocks were generally under pressure yesterday. Among them, Chow Tai Fook (1929) first-quarter Hong Kong and Macau same-store sales fell 11%, down 2.64%; Luk Fook (590) fell 1.20%; Chow Sang Sang (116) fell 1.87%. Giordano International (709) fell nearly 1% to a three-year low.
Trump hinted that tensions in the Middle East may ease. Oil prices fell on Wednesday night. “Three barrels of oil" followed oil prices yesterday, Sinopec (386) fell 0.58%; PetroChina (857) did not rise or fall; CNOOC (883) Frustrated by 1.79%.