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As Xi-Trump Meeting Ends, HSI Reclaims Losses after Sagging 200Pts+ PM; Copper, Aluminum Stocks Spike; Real Estate, Pharmaceutical Stocks Squeezed
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After the Fed announced to cut interest rate by 25 bps as expected, major banks in Hong Kong followed suit by lowering the prime rates by 12.5 bps. US President Donald Trump stated after meeting with Chinese President Xi Jinping that China will resume purchasing US soybeans, and the US will immediately reduce fentanyl tariffs on China to 10%. Trump mentioned having an amazing meeting with Xi, although not all issues were discussed. Trump plans to visit China in April, whereas Xi will visit the US sometime after April. On the futures settlement day, Hong Kong bourse displayed volatility. In the afternoon, the HSI last reported at 26,357, up 11 points or less than 0.1%, with a turnover of HKD230.974 billion. Non-ferrous metal stocks outshone the market. Aluminum blue-chip CHINAHONGQIAO (01378.HK) busted above the HKD30-mark for the first time, peaking at HKD30.04, setting a historical high, last at HKD29.8, up 7.74%, with a turnover of HKD1.059 billion. Its peer CHALCO (02600.HK) topped the HKD10-mark, peaking at the over-17-year high of HKD10.39, and last at HKD10.08, up 9.68%, with a turnover of HKD979 million. Copper miners advanced broadly. Blue-chip ZIJIN MINING (02899.HK) last posted at HKD32.58, up 4.83%, with a turnover of HKD2.108 billion. CMOC (03993.HK), JIANGXI COPPER (00358.HK), and CHINFMINING (01258.HK) rallied 4.6-5.8%. MMG (01208.HK) shot up 2.9%. Blue-chip pharmaceuticals subsided, with SINO BIOPHARM (01177.HK) and CSPC PHARMA (01093.HK) each diving 2.7-3.4%, and WUXI APPTEC (02359.HK) plunging 5%, marking the steepest drop among blue chips. AASTOCKS Financial News Website: www.aastocks.com |
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