Hong Kong stocks rise for a second day as investors shrug off Trump’s latest tariffs
Trump’s 25 per cent tariffs on US car imports to take effect from April 2, saying this would spur growth
Hong Kong stocks rose on Thursday, as investors shrugged off tariffs on car imports by US President Donald Trump and heavy overnight losses on Wall Street.
The Hang Seng Index closed 0.4 per cent higher at 23,578.80, after surging as much as 1.6 per cent, extending gains for a second day. The Hang Seng Tech Index added 0.3 per cent to 5,588.79. On the mainland, the CSI 300 Index traded 0.3 per cent higher, while the Shanghai Composite Index gained 0.2 per cent.
Shares of Chinese electric-vehicle makers were mixed as the impact of US tariffs was likely to be insignificant because they have very little exposure to the US. Li Auto rose 0.5 per cent to HK$103.20, while BYD was up 2.3 per cent at HK$407.40. Geely Auto fell 1 per cent to HK$17.00, while Xiaomi fell 4.2 per cent to HK$51.70 and Nio dropped 5.1 per cent to HK$32.55.
CK Hutchison Holdings added 0.9 per cent to HK$45.70 after the Post reported that the Hong Kong government and the company were discussing “a reasonable way out” for sealing a controversial sale of its port assets that includes two Panama ports to a consortium led by US investment firm BlackRock.
Trump on Wednesday signed an executive order to slap a 25 per cent tariff on all car imports effective from April 2, saying “this will continue to spur growth”.