China, HK stocks end lower on Middle East tensions; annual financial forum in focus
SHANGHAI, - Mainland China and Hong Kong stocks ended lower on Tuesday, as sentiment was weighed down by fresh signs of Middle East tensions after U.S. President Donald Trump urged Iranians to evacuate Tehran.
Israel and Iran attacked each other for a fifth straight day. Trump left the Group of Seven summit in Canada a day early due to the situation in the Middle East, the White House said on Monday, prompting broad risk-off sentiment in global financial markets.
** "One thing that is clear is that the situation continues to be highly uncertain and risks of escalation should not be ignored," analysts at Maybank said in a note.
** "Safe havens should continue to be better bid and the U.S. dollar should be better supported."
** At the close, the Shanghai Composite index was down 0.04% at 3,387.40, while the blue-chip CSI300 index was down 0.09% at 3,870.38.
** The smaller Shenzhen index ended down 0.12% and the start-up board ChiNext Composite index was weaker by 0.36%.
** Oil and gas shares were an outperformer, as the geopolitical tensions drove crude prices higher. A sub-index tracking the sector gained 0.92%.
** In Hong Kong, the benchmark Hang Seng index was down 0.34% at 23,980.30, while the Hang Seng China Enterprises index fell 0.4% to 8,694.67.
** Apart from the Middle East tensions, focus was also on the annual Lujiazui Forum this week, traders and analysts said.
** "The Lujiazui forum is likely to be the key window for financial and yuan internationalization-related policies, while the July Politburo economic meeting is likely to provide further guidance on the monetary and fiscal stance for H2 this year," said Ju Wang, head of Greater China FX and rates strategy at BNP Paribas.
** The Lujiazui Forum is scheduled for June 18-19.
This article was generated from an automated news agency feed without modifications to text.
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