Saturday, December 14, 2019
Martin Hennecke

All eyes remain fixed on the slides
Hang Sang Index night futures had slid to 25,245 by late last night. That was 579 points lower than the Hang Seng Index closing, while Dow Jones Futures were also falling. And while the SAR protest action is causing various downward trends and hurting tourism and hotel occupancy, it is also a fact the China-US trade war is being felt acutely. A weak yuan is another cause for concern. Among other things, it will cut into spending by mainland visitors and affect earnings by firms that rely on the mainland. Profits for members of the Hang Seng Index are set to drop the most since the global financial crisis, data from Bloomberg show. On another front, members of the Mandatory Provident Fund scheme will have suffered a loss of HK$788 on average in July, according to MPF consultant Gain Miles. The Composite Index was down 0.37 percent at 221 points, the Equity Fund Index by 0.67 percent to 299 points, the Mixed Assets Fund Index dropped 0.29 percent to 213 points, but the Fixed Income Fund Index edged up 0.02 percent to 125 points. And MPF investors will have an average return of HK$15,787 for the first seven months of the year. Gain Miles' managing director Michael Chan Yui-lung expects fluctuations in stock markets in the second half, and he is optimistic about Asian emerging markets.
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