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Yulu Ao

Hong Kong stocks fell on Monday, mirroring Wall Street’s retreat, as risk sentiment evaporated after a choppy end to last week that also dragged down precious metals.
The Hang Seng Index declined 2.2 per cent to 26,775.57 at the close of trading, the biggest drop since November 21. It added to a 2.1 per cent loss recorded in the previous session. The Hang Seng Tech Index dropped 3.4 per cent. On the mainland, the CSI 300 Index lost 2.1 per cent and the Shanghai Composite Index fell 2.5 per cent.
Metals miners sank after the Shanghai Gold Exchange raised margin requirements and adjusted daily price limits for silver deferred contracts. Zijin Mining slumped 5.6 per cent to HK$39.56, and aluminium producer China Hongqiao Group fell 3.5 per cent to HK$34.86.
Tencent Holdings slipped 1.2 per cent to HK$598.50 after launching a 1 billion yuan (US$144 million) red-envelope campaign for its AI application Yuanbao on Sunday. Electric-vehicle maker BYD fell 6.9 per cent to HK$91 after reporting a 30 per cent drop in January sales.
Telecommunications firms dropped after Chinese authorities raised the value-added tax rate on mobile data, messaging and broadband services to 9 per cent from 6 per cent, denting profit expectations. China Unicom Hong Kong slumped 6.3 per cent to HK$7.45, and China Telecom declined 5 per cent to HK$5.11, and China Mobile lost 2.3 per cent to HK$78.
Limiting losses, blind-box toymaker Pop Mart International rose 1.3 per cent to HK$226.40 after it announced major expansion plans including setting up its European headquarters in London. Casino operator Sands China climbed 4.1 per cent to HK$17.72, and peer Galaxy Entertainment Group added 1.6 per cent to HK$40.42.
Sentiment weakened as losses spread from US equities to precious metals, with gold and silver retreating after a sharp speculative run-up. The S&P 500 Index fell 0.4 per cent and the Nasdaq lost 0.9 per cent on Friday in the US. Gold fell 5.2 per cent, extending its decline after suffering its steepest drop in more than a decade on Friday, while silver slid 7.8 per cent following a 26 per cent slump in the previous session.
Signs of overvaluation in precious metals trading were visible, said Alexandra Symeonidi, an analyst with William Blair, referring to the gold-silver ratio, which dipped below 50 at the recent peak – well below the long-term range of 60 to 80.
“Looking ahead, silver continues to face liquidity challenges that could fuel further sharp price swings, and market balances still point to a deficit this year,” she added. “Overall, we expect volatility to persist in silver specifically and in metals more broadly.”
Other major Asia-Pacific markets lost ground. Japan’s Nikkei 225 fell 1.3 per cent, South Korea’s Kospi slumped 5.3 per cent and Australia’s S&P/ASX 200 lost 1 per cent.


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Telecommunications firms drop after Chinese authorities raise value-added taxes, denting profit expectations


Telecommunications firms drop after Chinese authorities raise value-added taxes, denting profit expectations.


Hong Kong stocks drop by most since November, led by mining, telecoms

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Telecommunications firms drop after Chinese authorities raise value-added taxes, denting profit expectations

Telecommunications firms drop after Chinese authorities raise value-added taxes, denting profit expectations