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Hong Kong Market falls as investors await trade talk outcome
26-Feb-19   14:38 Hrs IST
Headline indices of the Hong Kong share market closed down on Tuesday, 26 February 2019, as investor elected to book profit after the previous surge and amid caution over details of a China-U.S. trade deal. At closing bell, the Hang Seng Index fell 187.24 points or 0.65% to 28,772.06. The Hang Seng China Enterprises Index fell 87.08 points or 0.75% to 11,543.95. Turnover decreased to HK$133.5 billion from HK$168.8 billion on Monday.

Market paring its yesterday advance as U.S. President Donald Trump said on Monday he was optimistic that a final trade deal could be reached with China and that he would hold a summit to sign any pact, but cautioned that an agreement may still not happen.

Optimists hailed yesterday's jump after US President Donald Trump said he will delay raising tariffs on Chinese goods on March 1, and that he would plan a summit meeting with Chinese President Xi Jinping at his Mar-a-Lago estate in Florida to conclude an agreement, assuming the trade talks make additional progress.

Traders are awaiting for signs on the progress on trade expressed by the world's two biggest economies that has been tested by protectionism and forecasts of slowing global economic growth. Also in focus will be a hearing from Federal Reserve Chairman Jerome Powell, where investors will get the latest read on monetary policy.

Traders are eyeing a slate of data due in the second half of the week for fresh cues on the health of the global economy, including manufacturing activity figures from China and the United States and revised US fourth quarter gross domestic product figures. Investors are also looking for fresh cues on the Federal Reserve's latest view on the economy and monetary policy. Fed Chairman Jerome Powell will testify before the Senate Banking Committee later on Tuesday, in the first of a two-day appearance before lawmakers. Powell and other Fed policymakers have indicated they favour patience before raising key lending rates again due to recent signs of slowing economic growth. The futures market implied traders bet the central bank would not raise interest rates at all in 2019.

Blue chips were mostly weaker. HSBC (00005) edged down 0.4% to HK$63.95. HKEX (00388) fell 1.4% to HK$270. Tencent (00700) nudged down 0.2% to HK$343. China Mobile (00941) rose 0.5% to HK$83.05. AIA (01299) dipped 1.1% to HK$75.75.

AAC Technologies (02018) plunged 14% to HK$50.5 after it issued a profit warning, dragging down other handset component makers. It became the worst blue-chip loser. Sunny Optical (02382) descended 0.9% to HK$96. BYD Electronic (00285) pounded 4.8% to HK$11.54.

Q Technology (01478) fell 3.1% to HK$6.64. FIT Hon Teng (06088) slipped 2.4% to HK$4.08. Pharmaceutical counters rose across the board after the MIIT stressed in a seminar held in Chengdu today that assurance of drug supply is of the top priority of this year. Sino Biopharmaceutical (01177) shot up 5.3% to HK$7.01. CSPC Pharmaceutical (01093) gained 2.6% to HK$13.54. China Resources Pharmaceutical (03320) edged up 0.8% to HK$10.62. BeiGene, Ltd. (06160) gained 0.5% to HK$84.35. Sinopharm Group (01099) jumped 4.8% to HK$35.

Oil prices sank more than 3% after the US president Donald Trump tweeted that prices are too high and called on OPEC to relax and take it easy. Sinopec (00386) declined by 0.7% to HK$6.77. CNOOC (00883) shed 1.4% to HK$13.7. PetroChina (00857) softened 0.6% to HK$5.28.

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