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Hong Kong Market ends 1% lower | Capital Market News

The Hong Kong share market closed lower on Tuesday, June 11, 2024, as investors reacted to last Friday’s strong U.S. employment data, impacting expectations of a Fed rate cut.

At the end of the trading session, the Hang Seng Index fell by 1.04% to 18,176.34 points, while the Hang Seng China Enterprises Index dropped by 0.9% to 6,452.06 points.

The properties sector led the decline, with a 2.23% drop, followed by the finance sector which decreased by 1.47%, and the utilities sector which ended 1.46% lower. The commerce & industry sector also saw a decrease of 0.67%.

Notable stocks that experienced declines included Zijin Mining Group, which fell by 4.9%, and Chow Tai Fook Jewellery Group, which sank by 3.6%.

Li Auto and XPeng, both electric vehicle makers, also saw their shares decline by 2.9% and 4.5% respectively. This was attributed to expected import tariffs on Chinese EVs, with Turkey imposing a 40% additional tariff on Chinese car imports.

Investors are closely monitoring announcements from the European Commission regarding tariffs on Chinese cars, following the Biden administration’s decision to increase tariffs on Chinese EVs to 100% from 25% last month.

The article has been powered by Capital Market – Live News, with a disclaimer stating that no Business Standard Journalist was involved in creating the content.

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