New Chinese Tech Exchange a Bright Spot as Global Stocks Waver
22 Julio 2019 - 5:20AM
Noticias Dow Jones
By Avantika Chilkoti
-- Most Asian stocks down; European shares waver
-- Brent crude oil price gains 2.2%
-- Koninklijke Philips up 4.6%
China's new market for homegrown technology stocks opened with a
rally on Monday. Of the 25 companies traded on the Shanghai Stock
Exchange's Science and Technology Innovation Board, also known as
the STAR market, a semiconductor group and medical instrument maker
surged the most.
Other Asian markets dropped, however, with China's benchmark
Shanghai Composite Index and Hong Kong's Hang Seng down 1.3% and
1.4%, respectively.
Concerns about public unrest rattled the Hong Kong stock market
Monday, with property developers and retail landlords leading the
decline. Sun Hung Kai Properties, the city's largest developer by
market capitalization, fell 2.6%, its biggest drop in two
weeks.
Francis Lun, chief executive officer at brokerage Geo
Securities, said the financial market has begun to feel the pinch
as lingering public unrest will likely hurt retail spending and
investment sentiment.
"The longer these demonstrations and unrest persist, the more
serious of a toll both in real and psychological terms will
negatively impact on Hong Kong's financial center and retail
sentiment," Mr. Lun said.
In the U.S. and Europe, investors braced for fresh economic data
this week as expectations for interest-rate cuts from both major
central banks grew. The U.S. Commerce Department will report
second-quarter growth figures on Friday.
The European market wavered Monday as earnings season rolled on.
Shares in Dutch technology group, Koninklijke Philips, jumped after
the company posted better-than-expected results early Monday, with
rising sales and margins.
Meanwhile, shares in Whitbread, the hotels and restaurants group
that includes Premier Inn, lost 4.1%. The company said it had
returned GBP2.5 billion ($3.1 billion) to shareholders following
the sale of its Costa coffee chain last year.
In commodities, the price of Brent crude rose to $63.86 a barrel
as tensions mounted in the Persian Gulf. Iran seized a
British-flagged tanker in the Persian Gulf on Friday.
--Joanne Chiu contributed to this article.
Write to Avantika Chilkoti at Avantika.Chilkoti@wsj.com
(END) Dow Jones Newswires
July 22, 2019 06:05 ET (10:05 GMT)
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