Hong Kong and mainland China stocks fell on Tuesday, following an 11-week high, as Sino-US trade talks in London were set to extend to a second day after no significant outcomes were announced after Monday's talks.
Hong Kong’s benchmark Hang Seng Index once hit as high as 24,296 points in the morning, nearly 0.5 percent above the previous close, before slumping to its low of the day at 24,003 points after the noon break.
The indicator ended Tuesday at 24,162 points – down 18 points or 0.08 percent – with a full-day turnover of HK$250.34 billion.
Stocks traded in mainland China also fell. The Shanghai Composite Index once rose to as high as 3,406 points, before closing 0.44 percent lower at 3,384 on Tuesday. The Shenzhen Component Index recorded a 0.86 percent decline to 10,162 points.
It comes as US-China trade talks were reported to resume in London at 10am, without any significant outcomes announced so far. But Citigroup sees a higher possibility for the US and China to reach a transactional deal.
Other Asian markets also saw their growth muted or narrowed in the afternoon. Japan’s Nikkei 225 Index added only 0.32 percent and South Korea’s Kospi climbed 0.56 percent.
In Hong Kong, the Hang Seng Tech Index decreased 0.76 percent to 5,392 points, as the Hang Seng China Enterprises Index dipped 0.15 percent to 8,767 points.
Macau casino operators Melco International Development (0200) and SJM Holdings (0880) gained 4.8 percent and 6.3 percent respectively, as brokerage Jefferies projects that the required shutdown of seven satellite casinos would not have a material impact on the firms.
Success Universe Group (0487) surged 118 percent to HK$0.14 apiece on SJM’s proposal of acquiring its Casino Ponte 16 property in Macau, though no binding agreements or contracts have been signed so far.
Gold and silver companies also rose as some investors turned risk-averse. Zijin Mining (2899) increased 2 percent, and China Silver Group (0815) surged 17.7 percent.
STAFF REPORTER
