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Hong Kong stocks fall as Huawei exec arrest rekindles trade worries

Updated: 07-12-2018 14:13 IST
Hong Kong stocks closed lower on Friday, marking the end of a volatile week of trading, as the arrest of a senior Huawei executive dampened hopes of a lasting resolution to the U.S.-China trade conflict.

** The Hang Seng index fell 0.4 percent, to 26,063.76, while the China Enterprises Index lost 1.1 percent, to 10,369.40 points.

** Meng Wanzhou, chief financial officer of Huawei Technologies Co Ltd, who is under arrest in Canada is set to appear in a Vancouver court on Friday for a bail hearing as she awaits possible extradition to the United States. The incident dimmed hopes that China and the United States can bridge their differences during the 90-day ceasefire agreed on Saturday.

** The sub-index of the Hang Seng tracking energy shares dipped 1.9 percent, while the IT sector rose 1.2 percent, the financial sector ended 1.09 percent lower and the property sector rose 1.14 percent. ** The top gainer on the Hang Seng was Link Real Estate Investment Trust, which gained 2.72 percent, while the biggest loser was Sino Biopharmaceutical Ltd, which fell 7.88 percent. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.19 percent, while Japan's Nikkei index closed up 0.82 percent. ** The yuan was quoted at 6.88 per U.S. dollar at 08:29 GMT, 0.03 percent firmer than the previous close of 6.882. ** The top gainers among H-shares were CITIC Ltd up 2.7 percent, followed by Tencent Holdings Ltd, gaining 2.1 percent and China Resources Land Ltd, up by 2.09 percent. ** The three biggest H-shares percentage decliners were Sinopharm Group Co Ltd, which was down 4.50 percent, CSPC Pharmaceutical Group Ltd, which fell 4.3 percent and Haitong Securities Co Ltd, down by 3.5 percent. (Reporting by the Shanghai Newsroom; Editing by Amrutha Gayathri)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)