Monday,21 July,2014

Hong Kong lower on political concerns

Despite a rebound on Wall Street on Friday, Hong Kong stocks ended lower in choppy trading on Monday, marking their third straight day of losses, as investors remained cautious amid ongoing geopolitical concerns in Ukraine and the Middle East.

Japanese markets were shuttered for a holiday, while the yen traded slightly lower versus the U.S. dollar at ¥101.284, compared with ¥101.355 in the previous session.

The Hang Seng Index in Hong Kong fell 67.65 points, or 0.3%, to 23,387.14

Most tech stocks were weak, with online game developer Forgame Holdings sinking 6.5%, rival NetDragon Websoft sliding 4.3%, and Chinese Internet giant Tencent Holdings losing 1.1%.

However, casino stocks bucked the trend, as MGM China Holdings jumped 4.2%. Both Wynn Macau and Galaxy Entertainment Group climbed 3.1%, and SJM Holdings advanced 2.8%.

In other markets;

The Shanghai CSI 300 index inched up 2.15 points, or 0.1%, to 2,166.30

In Korea, the Kospi index eased 0.92 points, or 0.1%, to 2,018.50

Singapore’s Straits Times Index took on 3.74 points, or 0.1%, to 3,314.27

In Taiwan, the Taiex index regained 40 points, or 0.4%, to 9,440.97

In New Zealand, the NZX 50 recovered 17.97 points, or 0.4%, to 5,126.90

Australia’s S&P/ASX 200 eked up 8.28 points, or 0.2%, to 5,539.94


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