Hong Kong stocks reverse Nvidia gains as US-China tensions come to the fore
Hang Seng Index falls for the first time in five days after hitting a four-month high intraday
The Hang Seng Index closed 0.3 per cent lower at 24,517.76 after jumping as much as 1.1 per cent to a four-month high. The Hang Seng Tech Index lost 0.2 per cent after rising as much as 1.8 per cent. On the mainland, the CSI 300 Index was down 0.3 per cent while the Shanghai Composite Index was little changed.
Car dealer Zhongsheng Group Holdings fell 2.7 per cent to HK$11.66 and Shenzhou International Group declined 1.1 per cent to HK$124.80. Chinese property developer China Overseas Land & Investment lost 1.6 per cent to HK$13.40 and peer Longfor Group slipped 1.6 per cent to HK$10.02.
Online travel booking agency Trip.com rose 1.6 per cent to HK$498.20, while search-engine leader Baidu surged 1 per cent to HK$88.55. E-commerce giant Alibaba Group Holding added 0.3 per cent to HK$113.80.
On Tuesday, US President Donald Trump lauded a new trade deal signed with Indonesia, while adding that the US would be fighting China “in a very friendly fashion”, raising fresh concerns over the lingering trade war between the two world’s biggest economies.