HSI Edges Higher In Morning Session, SMIC Plunges

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2020-09-07 HKT 13:15

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  • SMIC shares take a beating in half-day trade. Image: Shutterstock

    SMIC shares take a beating in half-day trade. Image: Shutterstock

Hong Kong stocks were slightly higher by the break on Monday, stabilising after last week's plunge following a mixed US jobs report.

The Hang Seng Index edged up 0.05 percent, or 13.34 points, to 24,708.

SMIC was the big loser, down almost 20 percent, on fears the mainland chipmaking giant could be added to a US trade blacklist.

Asian shares meanwhile were mixed. Investors have been encouraged by hopes for a coronavirus vaccine and central bank infusions of cash into struggling economies. But forecasters warn the rise in prices might be outrunning uncertain economic activity as case numbers rise in the United States and some other countries. Some are re-imposing anti-disease controls that disrupt business.

“The question now is whether there will be a sustained unwinding... or if conviction about fresh central bank liquidity and fear of missing out kicks in once again,” Mizuho Bank said in a report.

One possible sign the decline might be temporary: demand for government bonds and other assets considered safe havens in an extended down market “has not come flooding back in," the bank said. (AP/AFP)

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