Hong Kong Stocks Slip Amid Fears About US Restrictions on Chip Sales to China

South China Morning Post07-18

Hong Kong stocks fell in early deals on Thursday as sentiment was dampened by concerns about further US restrictions on chip sales to China, while investors remained jittery about policy announcements...

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The Hang Seng Tech Index fell 1%, while the Shanghai Composite Index fell 0.4 per cent.Semiconductor maker Hua Hong fell 1.4%, while BYD Electronic tumbled 2.4%. Baidu plunged 2.6%, while Alibaba fell 0.8% and Tencent slipped 0.7%.The Biden administration is floating tougher trade rules on China’s chip makers, according to a report by Bloomberg. It said the US is weighing whether to impose a measure called the foreign direct product rule, and it told allies it’s considering severe curbs if companies like Tokyo Electron and ASML keep giving China access to advanced semiconductor technology.“The looming threat of stricter US trade measures has sent shivers through investors, with the tech sector bearing the brunt of the anxiety,” said Stephen Innes, analyst at SPI Asset Management.“All eyes will be on the Hang Seng tech index and Taiwan’s semiconductor heavyweight, TSMC, which are likely to come under heavy fire,” said Innes.Shares in Tokyo Electron fell 8.7 per cent on Japan’s stock exchange, while ASML shares plunged 11 per cent in Amsterdam. TSMC’s shares fell 3.5 per cent to NT$994. Eyes are also on the Taiwanese chip maker’s earnings due to be released later today.Meanwhile, investors eagerly await the results of China’s third plenum – the much-anticipated four-day closed door meeting of its Communist Party’s Central Committee. Meeting notes will be announced later today, previous third plenum unveiled landmark policy changes that are expected to shape the nation’s economic strategy in the coming years.“The Third Plenum will likely add market-oriented reforms of SOEs as an important aspect of long-term economic reform plans,” said analysts at Everbright Securities in a note. “We think this involves divesting of non-core businesses and improving dividend payout ratios.”Elsewhere Nongfu Spring company surged 5% after a report from the Hong Kong Consumer Council, which said the company’s bottled water contained bromate, was criticised by lawmakers as being misleading.Other major Asian markets also fell. Australia’s S&P/ASX 200 fell 0.2 per cent while South Korea’s Kospi dropped 1.4 per cent. Japan’s Nikkei 225 plunged 1.8 per cent.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":7,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.0","shortVersion":"4.29.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1160623517"}