Crown Capital

European shares edge higher after torrid week of losses

* HK->Shanghai Connect daily quota used 1.7%, Shanghai->HK daily quota used 3.4% 

* HSI -0.7%, HSCE -1.1%, CSI300 +0.2% 

* FTSE China A50 +0.3% 

June 12 (Reuters) – Hong Kong stocks fell on Friday to end the week lower, tracking losses in other markets amid growing concerns over a resurgence of coronavirus infections. 

** The Hang Seng index fell 0.7%, to 24,301.38, while the China Enterprises Index lost 1.1%, to 9,832.53 points. 

** For the week, HSI lost 1.9%, while HSCE dropped 2.3%. 

** Friday’s retreat came after the Wall Street tumbled on Thursday over increasing concerns that a resurgence of coronavirus infections could stunt the pace of recovery in economies reopening from lockdowns. 

** “Accelerating the slide since the Thursday Asia session had however been reports of a surge in virus cases in pockets of the U.S., triggering fears of a second Covid-19 wave,” Jingyi Pan, market strategist at IG in Singapore, wrote in a note. 

** At the close of trade, the Hang Seng index was down 178.77 points, or 0.73%, at 24,301.38. The Hang Seng China Enterprises index fell 1.13% to 9,832.53. 

** The sub-index of the Hang Seng tracking energy shares dropped 3.4%, while the IT sector dipped 0.18%, the financial sector ended 0.75% lower and the property sector dipped 0.15%. 

** The top gainer on the Hang Seng was Wharf Real Estate Investment Company Ltd, which gained 2.68%, while the biggest loser was CNOOC Ltd, which fell 4.64%. 

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.02%, while Japan’s Nikkei index closed down 0.75%. 

** The yuan was quoted at 7.0764 per U.S. dollar at 08:16 GMT, 0.18% weaker than the previous close of 7.064. 

** At close, China’s A-shares were trading at a premium of 26.37% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom; Editing by Shailesh Kuber)

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