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Closing Bell: July 12th, 2019

By:

Sales Trader, International Business Division

MARKET

Chinese stocks posted modest gains as trade- tensions resurfaced. The disappointing Chinese export data suggested that there was a long way to pick up the economic growth momentum. Chemical and Power Equip. sectors led the gains, while Non-ferrous Metal and Telecom sectors led the falls. Combined turnover for both markets is CNY 329.7 billion, down 5.4% dod.

Close % Change Vol (bn CNY) %YTD
Shanghai 2931.12 0.46 82.74 17.53
Shenzhen 9213.31 0.66 111.93 27.26
CSI 300 3811.57 0.70 63.77 26.60
ChiNext 1519.35 0.34 37.47 21.50
Sector Top 1 Led by Top 2 Led by
Upward-leading Chemical 600078 Power Equip. 300274
Downward-leading Power Equipment 300697 Telecom 300638

NEWS

*Huawei Chairman Urges U.S. to Remove Company From Entity List. The U.S. says it is easing restrictions on Huawei sales, but there is no progress in sight, the Chinese telecom company’s chairman said at a press event Friday. Easing restrictions on Huawei sales isn’t enough, Liang Hua said. Washington should remove Huawei from the Commerce Department’s so-called Entity List, which effectively blacklisted the Chinese manufacturer from conducting business with U.S. companies. (Caixin)

*Xpeng Employee Admits Uploading Tesla Source Code to His Personal Account. A former Tesla employee currently working for Chinese electric car rival Xpeng has admitted to uploading copies of Tesla source code to a personal storage account while working for the Silicon Valley company. (Caixin)

FUND FLOW

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