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Chinese market grows following the postponement of a trade ban with Huawei

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Chinese market grows following the postponement of a trade ban with Huawei
May 21
13:00 2019

Chinese indices increased greatly after it became known that America would allow Huawei to purchase everything necessary for the operation of networks and its smartphones within 90 days.

An official order will appear as early as this Wednesday.

During the bidding, the indices Shanghai and Shenzhen Composite gained 1.3% and 1.7%, respectively.

Analysts suggest that the current pressure on Huawei can be used by the States as leverage needed for future negotiations.

Due to the restrictions on Huawei, lots of companies have suspended deliveries of products to this company. Google has deprived it of the opportunity to use Android support, while the chip makers Intel, Qualcomm, and Broadcom have frozen the shipment of semiconductors. But the measures taken may be revised with the advent of temporary permits.

The founder of Huawei Ren Zhengfei said on the Chinese TV that the American authorities greatly underestimated his company. He considered that in 5 years no one would compete with his corporation in the field of 5G. Moreover, Huawei CEO assured that they would not stop buying American components, although the company could produce some of them on its own.

Other indices of the region are changing in different directions. Hang Seng has lost 0.1%, Nikkei 225 – 0.3%, S & P / ASX 200 has grown by 0.3%.

Nikon and SoftBank (Japan) have increased by 4% and 3.2%, respectively, while Sony has lost 4%.

Both AAC Technologies (supplier of Apple) and Bank of China have grown by 2%.

The value of Samsung has risen by 3.5%.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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