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Georgina Lee

Deb Price

Tencent gains and defensive health care plays helped Hong Kong’s Hang Seng break a two-day losing streak, while ongoing uncertainties around trade and US interest rates left Chinese shares racking up more losses.
The Shanghai Composite Index closed down 0.44 to 2,915 on Wednesday, marking its third straight day of losses.
It was led down by materials, while consumer staples, health care and utilities provided some relief.
Meanwhile, the CSI 300 of large caps traded in Shanghai and Shenzhen slipped by 0.17 per cent to 3,786.74.
Hong Kong saw rallies by two pharmaceuticals – CSPC Pharmaceutical and Sino Biopharmaceuticals – as traders looked to the sector for safety amid so many uncertainties. CSPC was up 4.1 per cent to HK$12.70 while Sino Biopharmaceuticals jumped 3.3 per cent to HK$8.72. They were the benchmark’s biggest percentage gainers of the day.
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Chinese carmaker Geely finally had a good day, rising 2.6 per cent to HK$12, after four straight days of losses. It warned on Tuesday that its first half profit would drop 40 per cent.
Tencent ended up 1.5 per cent at HK$356.2. Analysts said the index heavyweight got a boost from a report from GameLook that it had successfully negotiated a more favourable revenue split with a number of Chinese android stores for its mobile game titles.
But even with some strong gains by a few stocks, the Hang Seng closed up only marginally, by 0.3 per cent to 28,204.69.
The benchmark was held back by low turnover and liquidity. In addition to traders awaiting clarity on trade and interest rates, they also are holding some money back for the listing by the world’s biggest brewer Anheuser-Busch InBev NV on July 19, said Louis Tse Ming-kwong, managing director of VC Asset Management.
“Market liquidity is quite slim, a small buy or sell order can push the market either way,” Tse said.
He said if Federal Reserve Chairman Jerome Powell, in testimony on Wednesday and Thursday Washington time, is negative about lowering interest rates, the Hang Seng could fall below 28,000.
When China’s father of EVs starts talking up hydrogen vehicles, analysts say investors should pay attention
“Overall, investors are sidelined and watchful,” said Francis Lun, chief executive of Geo Securities.
Trading volume for the main board totalled just HK$64.3 billion at the end of the day. That was the lowest this week, indicating investors’ weak appetite for making any aggressive bets.
Stocks Blog: Shanghai falls for third straight day on weight of US-China trade war, interest rate uncertainty
Leading Shanghai and Shenzhen down were banks. The Industrial and Commercial Bank of China dropped 0.5 per cent to 5.55 yuan, and the Bank of Nanjing was down 2.5 per cent at 22.27 yuan.
In Shanghai, PetroChina was the top loser in index point terms, down 0.8 per cent to 6.66 yuan.
But keeping a lid on the losses was liquor distiller Kweichow Moutai, popular with northbound traders, which ended up about 0.7 per cent to 982.52 yuan.
On Wednesday,Chinese inflation figures revealed two separate headaches for Beijing, with consumer prices continuing to rise, while the prices producers charged at factory gates in June threatened to dip into deflation.
The consumer price index (CPI) stayed at 2.7 per cent, the same as in May, while the producer price index (PPI) is teetering on the brink of deflation, reporting at 0.0 per cent in June year on year, down from 0.6 per cent in May.
“Investors generally want PPI to be higher, which would be indicative of better economic undertone,” said Alex Wong, a director at Ample Finance Group. “But given the drawn-out US China trade war, investors had generally expected PPI to remain sluggish. I don’t think A-shares reacted much to today’s numbers.”
Additional reporting by Daryl Choo


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Tencent ends up 1.5 per cent on better deal for revenue split on games
Carmaker Geely jumps 2.6 per cent, after four days of losses


“Overall, investors are sidelined and watchful,” said Francis Lun, chief executive of Geo Securities. They are awaiting news out of the US about interest rates.


Hang Seng Index

Tencent, health care boost Hong Kong shares, while Chinese shares fall on swirling uncertainties

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;}Tencent ends up 1.5 per cent on better deal for revenue split on games Carmaker Geely jumps 2.6 per cent, after four days of losses

Tencent ends up 1.5 per cent on better deal for revenue split on games

Carmaker Geely jumps 2.6 per cent, after four days of losses