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Hong Kong stocks flat amid Huawei sanctions


Reuters


May 16 (Reuters) - Hong Kong stocks ended flat on Thursday, as confidence was shaken after the U.S. government hit Chinese telecoms giant Huawei with severe sanctions.

** The Hang Seng index was nearly unchanged at 28,275.07, while the China Enterprises Index gained 0.1% to 10,811.62.

** The Trump administration hit Huawei with severe sanctions on Wednesday, adding another incendiary element to the U.S.-China trade dispute just as Treasury Secretary Steven Mnuchin said he would visit China soon for more talks.

** Gains in properties and energy firms were offset by losses for in firms , as tech giant Tencent hit a six-week low after posting a slower-than-expected growth in revenue.

** Around the region, MSCI'sAsia ex-Japan stock index was weaker by 0.28%, while Japan's Nikkei index closed down 0.59%.

** The yuan was quoted at 6.8848 per U.S. dollar at 08:15 GMT, 0.12% weaker than the previous close of 6.8768.

** The top gainers among H-shares were CSPC Pharmaceutical Group Ltd up 2.59%, followed by China National Building Material Co Ltd , gaining 2.03% and China Petroleum & Chemical Corp , up by 1.96%.

** The three biggest H-shares percentage decliners were China Tower Corp Ltd , which was down 1.95%, Tencent Holdings Ltd , which fell 1.9% and Huaneng Power International Inc , down by 1.9%.

** About 2.45 billion Hang Seng index shares were traded, roughly 144.8% of the market's 30-day moving average of 1.69 billion shares a day. The volume traded in the previous trading session was 2.31 billion.

** At close, China's A-shares were trading at a premium of 24.73% to the Hong Kong-listed H-shares.






This article appears in: US Markets , Stocks




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