Hong Kong Shares Slip into Red Following Weaker Than Anticipated US Overnight Economic Data

MT Newswires Live06-05

Hong Kong stocks erased yesterday's gains and fell into negative territory on Wednesday with US overnight economic data coming in weaker than anticipated despite investorâs US interest-rate cut hopes.

The Hang Seng Index dropped by 0.10%, or 19.15 points, to close Wednesdayâs session at 18,424.96. The Hang Seng China Enterprises Index dropped by 0.18%, or 11.85 points, to close at 6,542.47.

Business activity in Hong Kong contracted once more in May after improving in March and April due to a fall in new orders and export conditions, according to data from S&P Global released Wednesday.

The S&P Purchasing Manager's Index for Hong Kong slid to 49.2 in May, below the neutral mark of 50. It was down from a growth of 50.6 in April.

Throughput at Hong Kong's ports increased 3.8% year over year to 42.8 million tons in the first quarter, according to data from the city's Census and Statistics Department released Monday.

In corporate news, Onewo (HKG:2602) intends to spend a maximum of HK$5.80 billion to repurchase shares in the secondary market with the companyâs shares rising nearly 10% on Wednesdayâs close.

Newlink Technology (HKG:9600) Chairman and Chief Executive Officer Zhai Shuchun, one of the firm's controlling shareholders, plans to acquire around 326.5 million company shares in the secondary market within the next 12 months. The company shares rose over 16% on Wednesdayâs close.

China Everbright Water (HKG:1857, SGX:U9E) will pay the interest for the 700 million yuan first tranche of perpetual medium-term notes on June 13, according to a Wednesday filing on the Hong Kong bourse.

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The Hang Seng China Enterprises Index dropped by 0.18%, or 11.85 points, to close at 6,542.47.</p><p>Business activity in Hong Kong contracted once more in May after improving in March and April due to a fall in new orders and export conditions, according to data from S&amp;P Global released Wednesday.</p><p>The S&amp;P Purchasing Manager's Index for Hong Kong slid to 49.2 in May, below the neutral mark of 50. 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