Hong Kong Stocks Halt 3-Day Gain as Xi-Trump Call Underwhelms Investors
Hong Kong stocks fell on Friday, snapping a three-day gain, after talks between US President Donald Trump and his Chinese counterpart Xi Jinping failed to produce a breakthrough on ending the tariff dispute.
The Hang Seng Index eased 0.4 per cent to 23,823.89 at 10.10am local time, trimming the week’s advance to 2.3 per cent. The Hang Seng Tech Index dropped 0.6 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both retreated 0.1 per cent.
Chinese electric-vehicle maker Li Auto lost 2.4 per cent to HK$114 and China Mobile retreated 2.2 per cent to HK$87.25. Alibaba Group Holding slid 1.4 per cent to HK$116.70 and Tencent Holdings fell 0.3 per cent to HK$513.50.
During the call on Thursday night, the two leaders agreed to resume US visas for Chinese students and to speed up Chinese exports of rare earth materials. However, it was unclear when the two sides would restart trade talks for a long-term deal after a 90-day truce in early May.
Other major Asia-Pacific markets rose before a US payrolls report later on Friday. Japan’s Nikkei 225 climbed 0.5 per cent, South Korea’s Kospi rose 1.5 per cent and Australia’s S&P/ASX 200 added 0.1 per cent.
Source: SCMP
