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HSBC suspends dividend payment. Share price fell below $40.
The Hong Kong market opened sharply lower on Tuesday. Hang Seng index opened down 237 points and H share index down 120 points. Banks led the fall. British banks HSBC and Standard ...
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HSBC suspends dividend payment. Share price fell below $40.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2020/04/02 09:07
The Hong Kong market opened sharply lower on Tuesday. Hang Seng index opened down 237 points and H share index down 120 points. Banks led the fall. British banks HSBC and Standard & Chartered suspended payment of dividend this year. HSBC lost 7.13% to become the top loser and caused 158 point loss. Standard & Chartered lost 6%. CCB lost 1.74% for 36 point loss. ICBC lost 2.26% for 27 point loss. BOC lost 2% for 14 point loss. On the contrary, AIA rose 2.26% for 96 point gain. Tencent rose 0.9% for 23 point gain. Mengniu rose 5.58% to become the top gainer for 12 point gain. A shares opened down 0.27%. Shanghai composite index lost 6 points. The market’s loss narrowed after opening as Mainland banks rebounded from opening lows. Hang Seng index rose to an intraday high of 23540 points, down only 63 points. However, the rally lost steam. Local properties fell. Wharf lost 2.98%. SHK Property lost 1.17%. Pharmaceutical shares fell. CSPC lost 3.22%. Carmakers fell. GAC lost 7.7%. Geely lost 2.1%. Great Wall lost 2.2%. A shares closed the morning up 0.3%. Shanghai composite index rose 8 points. Hang Seng index closed the morning down 218 points. H share index closed down 27 points. Turnover was $67.2 billion.

The market fell sharply in the afternoon. Dow futures lost 600 points in Asian trading. Hang Seng index lost more than 600 points. Banks led the rout. HSBC lost 9.4% for 208 point loss. Tencent lost 1.63% for 44 point loss. CCB lost 2.05% for 45 point loss. AIA lost 1.64% for 40 point loss. ICBC lost 2.64% for 33 point loss. BOC HK maintained its dividend payment. Share price rose 3% to lead the gainers. Gas rose 2.2%. Carmakers, pharmaceuticals and exporters fell. Shenzhou International lost 5.4%. CSPC lost 5.4%. Geely lost 5.3%. A share closed down 0.57%. Shanghai composite index closed down 16 points. Hang Seng index fell to an intraday low of 22947 points, down 656 points, falling below 23000 points. HSBC closed below $40, and contributed 210 point loss. Hang Seng index closed down 518 points Hshare index closed down 190 points. Turnover was $131.2 billion.

Overnight overseas markets fell sharply as the Covid19 pandemic worsened. European markets lost about 4%. DAX lost 391 points; CAC lost 189 points and FTSE lost 217 points. In the US, stock markets fell sharply for the second consecutive day as the Covid-19 pandemic worsened. Dow Jones lost 973 points. S & P lost 114 points. Nasdaq lost 327 points. Hong Kong ADR’s lost 380 points in New York. Night future lost 320 points. We expect the market to fall today.
 
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