Market Commentary - Foreign Markets
Hong Kong Market ends 1% lower As on : 11-Jun-24  15:25

Hong Kong share market finished session lower on Tuesday, 11 June 2024, as investors returned from a long weekend break to play catch-up after last Friday?s surprisingly robust U.S. employment data impacting Fed rate cut expectations.

At closing bell, the benchmark Hang Seng Index dropped 190.61 points, or 1.04%, to 18,176.34. The Hang Seng China Enterprises Index sank 58.31 points, or 0.9%, to 6,452.06.

The sub-index of the Hang Seng tracking properties sector led the retreat by falling 2.23%. The finance sector declined 1.47% and the utilities sector ended 1.46% lower. The commerce & industry sector lost 0.67%.

Chinese gold producer Zijin Mining Group tumbled 4.9 per cent to HK$16.64 after China?s central bank halted the streak of 18-month gold purchases last month and bullion prices slumped. Jewel retailer Chow Tai Fook Jewellery Group sank 3.6 per cent to HK$9.41.

Electric vehicle maker Li Auto shed 2.9 per cent to HK$75.85 and XPeng's shares were down 4.5% at HK$30.95 ahead of an expected ruling this week on the proposal to slap import tariffs on Chinese EVs. The selloff came after Turkey's trade ministry said Saturday that it will impose a 40% additional tariff on imports of cars from China. Investors are also keeping an eye on a European Commission announcement due this week that will detail the EU's plans on tariffs for Chinese cars. The latest trade barriers for Chinese cars come after the Biden administration raised tariffs on Chinese EVs to 100% from 25% last month.

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