Hong Kong stocks end higher, but Sino-U.S. tensions check gains
Hong Kong stocks closed higher on Tuesday boosted by technology and consumer companies, although gains were checked by the persistent Sino-U.S. tensions. ** At the close of trade, the Hang Seng index was up 20.04 points, or 0.08%, at 25,367.38.
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Hong Kong stocks closed higher on Tuesday boosted by technology and consumer companies, although gains were checked by the persistent Sino-U.S. tensions.
** At the close of trade, the Hang Seng index was up 20.04 points, or 0.08%, at 25,367.38. The Hang Seng China Enterprises index rose 0.38% to 10,425.42. ** The Hang Seng IT subindex gained 3.3% and the consumer subindex rose 1.5%.
** The sub-index of the Hang Seng tracking energy shares dipped 0.2%, the financial sector ended 0.24% lower and the property sector dipped 0.23%. ** The top gainer on the Hang Seng was China Unicom Hong Kong Ltd, which gained 11.05%, while the biggest loser was Sunny Optical Technology Group Co Ltd, which fell 9.45%.
** Weighing on sentiment, the Trump administration on Monday announced it will further tighten restrictions on Huawei Technologies Co, aimed at cracking down on its access to commercially available chips. ** China said on Tuesday it firmly opposes U.S. suppression of Huawei Technologies.
** Ramped-up U.S. restrictions on Huawei are likely to cut off the Chinese smartphone maker's access to even off-the-shelf chips and disrupt the global tech supply chain once again, executives and experts cautioned. ** Bucking a broad rally in the technology sector, Huawei suppliers fell.
** Sunny Optical Technology, AAC Technologies Holdings, Q Technology, Semiconductor Manufacturing International fell between 2% and 9.5% ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.72%, while Japan's Nikkei index closed down 0.2%.
** The yuan was quoted at 6.9252 per U.S. dollar at 0816 GMT, 0.1% firmer than the previous close of 6.9318. ** At close, China's A-shares were trading at a premium of 37.21% over Hong Kong-listed H-shares.
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