Stocks firm, shrug off tech rout scare and Sino-U.S. tensions

SourceZawya
SectorFinancial Markets
CountryGCC

Shares in mainland China and Hong Kong managed to erase early losses made after President Donald Trump on Monday ramped up his anti-Chinese rhetoric by again raising the idea of de-coupling the U.S. and Chinese economies. "While it's impossible and unrealistic to decouple for the two countries, his remarks would weigh on investor sentiment and increase market risks," said Hong Hao, head of research at BoCom International.China's blue-chip index and Hong Kong's Hang Seng gained 0.7% and 0.5%, respectively. The newly launched Hang Seng tech index fell 1.1%.Trump's remarks followed the possible U.S. blacklisting of China's largest chip maker, Semiconductor Manufacturing International Corp (SMIC), which has hit many Chinese tech firms listed onshore and offshore. "That would remain a big overhang on several Chinese tech companies," Hong said. "The market ...read more...