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HONG KONG (Nikkei Markets) – Hong Kong shares slid Wednesday with the rest of the region after the United States announced that it will impose tariffs on more Chinese products, which could trigger a trade war between the two largest world economies. ] The Hang Seng index had dropped 1.4% to 28,269.72 at noon. Tencent Holdings, a company specializing in social media and gaming, lost 1.8% while China Construction Bank lost 2.2% and HSBC Holdings, headquartered in London, lost 1.2%. The three have contributed the most to the losses of the index by points
In mainland China, the Shanghai Composite fell 1.9% on Wednesday while the yuan quoted on the ground slipped 0.5% over to the US dollar at 6.6648
%, while futures have indicated lower opening for the three main indices on Wall Street. The White House said late Tuesday that it was going to assess a 10% tariff on 200 billion dollars of Chinese imports. The news came less than a week after Washington's introduction of new tariffs on $ 34 billion of Chinese goods, which sparked an even response from Beijing
"The risk of trade war is again rising ". research at Bright Smart Securities. "From a technical point of view, the recent rebound in the Hang Seng index is accompanied by a relatively weak business figure, which means that it did not have enough momentum to increase further. "
Chan was referring to the 1.8% increase on Friday and Monday first batch of import tariffs came into effect. He expects the Hang Seng to check support at nearly 28,000 points in the near term.
CSPC Pharmaceutical Group increased slightly by 1.1% after reporting that the US Food & Drug Administration had approved its application for a new drug for the treatment of allergic rhinitis and asthma. The company also said to have received the approval of the China Drug Administration regarding consistency of quality and evaluation of the effectiveness of a generic drug used to treat hypertension and heart failure.
China Eastern Airlines fell 1.2% in Hong Kong Great Wall Motor climbed 2.3% after announcing plans to form a 50-50 joint venture with BMW for research and production of new vehicles. energy vehicles and internal combustion vehicles. Brilliance China, an existing joint venture partner with BMW, dropped 2.9%.
China Petroleum & Chemical, or Sinopec, fell by 1.1%. The company announced Tuesday that it would inject 4.9 billion yuan ($ 736 million) in capital for a 49 percent stake in a joint venture with majority shareholder Sinopec Group. The joint venture Sinopec Capital will participate in investments in projects and financial services.
Greenland Hong Kong Holdings, real estate developer, fell 2.4% after announcing a 5.8% decline in sales contracted for the first six months of 2018. Yuzhou Properties fell 3.5% Sales in June were down 12.5% from one year to the next.
West China Cement climbed 1.6% after announcing a substantial increase in net income for the six months ended June.
% after stating that he expects to record a loss for the period from January to June. He had reported a loss of 684 million Hong Kong dollars ($ 8.26 million) over the same period of the previous year.
– Amy Lam
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