The Hong Kong Hang Seng Index opened lower Wednesday following overnight Wall Street declines and could not recover lost ground, finishing off 0.57% as traders eyed the ongoing Sino-US trade dispute. Financial issues were weak, following the recent seizure of mainland China’s Baoshang Bank.
The Hang Seng fell 155.10 to 27,235.71, as losing issues outnumbered gainers 36 to 12.
Leading the upside on a down day were the usual “safe harbor” issues including utility Hong Kong & China Gas (3:HK), up 1.2%, followed by telecommunications-service China Unicom HK (762:HK), up 1.1%, and then subway-operator MTR (66:HK), up 1.0%.
On the downside were Macau gaming-house Sands China (1928:K), off 2.7%, and then Sun Hung Kai Properties (16:HK), off 2.5%.
On the mainland, the Shanghai Composite rose 0.16% to 2,914.60.
In economic news, Industrial profits in China posted at $74.7 billion in April, down 3.7% year-over-year, the largest percentage decline since December 2015, according to the official National Bureau of Statistics (NBS).