Hong Kong Stocks Fall To Snap Six-day Winning Streak

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2019-11-08 HKT 16:28

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  • The Hang Seng Index fell 196 points to end a healthy week with steep losses. Image: Shutterstock

    The Hang Seng Index fell 196 points to end a healthy week with steep losses. Image: Shutterstock

Hong Kong stocks ended a healthy week with steep losses on Friday as investors took their cash off the table after six days of gains, while they were also nervous about planned protests in the city over the weekend.

The Hang Seng Index fell 0.7 percent, or 196 points, to 27,651.

The benchmark Shanghai Composite Index sank 0.5 percent to 2,964, after data showed Chinese exports and imports fell again last month, though not as quickly as expected.

Markets across the region were also down, as investors took their foot off the pendal after another healthy week, with eyes fixated on the next move in the China-US trade talks.

News out of Beijing that it had agreed a plan with Washington to start rolling back tariffs if negotiations progress fired a rally in late business on Thursday, and helped the Dow and S&P 500 to more records.

The announcement fanned hopes the world's economic superpowers – who are currently finalising a mini trade pact as part of a wider deal – can resolve their long-running tariffs war that has hobbled the global growth outlook.

It also eased worries about the negotiations caused by reports that a hoped-for signing ceremony this month between Donald Trump and Xi Jinping could be delayed until December.

But dealers were unable to carry the baton further in Asia after the White House failed to comment on the Chinese claims, while a report said there was some opposition within the administration to such a move.

Taipei lost 0.2 percent, Singapore was off 0.8 percent, and Seoul retreated 0.3 percent. (AFP)

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