Hong Kong Stocks Slip as US-China Trade Truce Lacks Clarity; Horizon Robotics Falls on Placement
Hong Kong stocks ended lower on Thursday as investors remained cautious amid a lack of clarity around the latest US-China trade framework.
The Hang Seng Index lost 331.56 points, or 1.4%, to 24,035.38, while the Hang Seng China Enterprises Index (HSCEI) slipped 135.76 points, or 1.5%, to 8,729.96.
Negotiators from Washington and Beijing agreed on a framework, with the US setting a 55% tariff on Chinese goods and China imposing a 10% tariff.
However, the agreement still awaits approval from Chinese President Xi Jinping, and enforcement details remain vague.
Meanwhile, US President Donald Trump said tensions over rare earths had been resolved, with China agreeing to resume supplies of rare earths and magnets to the US.
In return, Chinese students will be allowed to apply for admission to American universities, he said, adding that he was very satisfied with the outcome.
While Treasury Secretary Scott Bessent told lawmakers that the deal would not reduce US export restrictions on high-end artificial intelligence chips in return for access to Chinese rare earths.
In company news, Horizon Robotics (HKG:9660) dropped 4% to HK$7.15 after announcing a share placement of 681 million shares at HK$6.93 each.
Source: MT Newswires
