[ET Net News Agency, 25 June 2019] HK stocks closed sharply lower on Tuesday morning
session as the G20 summit in Japan approaches. The blue-chip index opened down 65 points
to 28,447. The index briefly recovered part of its losses and hit an intraday high of
28,470 (down 42 points). It then resumed its downtrend and saw its losses widen to 407
points and touched an intraday low of 28,105.
The Hang Seng Index ended down 372 points or 1.3% to 28,140. The H-share index fell 234
points or 2.1% to 10,718. Half-day turnover increased to HK$43.6 billion from HK$41.5
billion on Monday.
Blue chips were mostly lower. HSBC (00005) edged down 0.4% to HK$64.1. HKEX (00388)
dipped 1.2% to HK$273. Tencent (00700) shed 1.7% to HK$349.6. China Mobile (00941) nudged
up 0.2% to HK$70.6. AIA (01299) fell 0.8% to HK$82.15.
A US judge has found three large Chinese banks in contempt for refusing to comply with
subpoenas in an investigation into North Korean sanctions violations. The order triggers
a provision that could cut off one of China's largest banks from the US financial system
at the demand of the US attorney general or treasury secretary. The three banks were Bank
of Communications (03328), China Merchants Bank (03968) and Shanghai Pudong Development
Bank of Communications sank 4% to HK$5.93. China Merchants Bank plunged 9% to HK$37.95.
Bank of China (03988) slid 1.5% to HK$3.22. Agricultural Bank of China (01288) slipped
0.9% to HK$3.25. (KL)
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