Hong Kong’s Hang Seng extends losing streak to second day amid uncertainty over trade war, end to protests
- MTR closes with small gains, but has fallen about 20 per cent in six weeks
- Hang Seng would enter bear market if it drops another 5.5 per cent
Hong Kong’s Hang Seng Index had another weak day, with investors selling off consumer staples and state-owned financial companies as uncertainty lingered over trade talks and Beijing sent a fresh warning about the city’s ongoing protests.
The Hang Seng Index on Tuesday closed 0.4 per cent lower at 25,527.9, marking its second straight session of losses.
The biggest losers included Geely Automobile, which closed lower by 3 per cent lower at HK$11.7. Mengniu Dairy closed 2.1 per cent lower at HK$30.6. China Construction Bank, Bank of Communications and Bank of China all lost more than 1 per cent.
Li & Fung tumbled by 4.5 per cent to 85 HK cents, touching its lowest level in 14 years. That puts it down 30.9 per cent in 2019.
MTR – the owner and operator of the city’s subway system – ended a three-day losing streak as investors looked for bargains among Hong Kong’s battered stocks. The stock closed 0.8 per cent higher at HK$44.4.
