Hong Kong stocks rise despite losses for tech firms on tax concerns
Baidu, Kuaishou among internet stocks losing ground amid rumours regulators may adjust value-added taxes on the sector
The Hang Seng Index climbed 0.2 per cent to 26,834.77 at the close of trading, after rising as much as 1.3 per cent earlier. The Hang Seng Tech Index fell 1.1 per cent. On the mainland, the CSI 300 Index gained 1.2 per cent and the Shanghai Composite Index added 1.3 per cent.
Blind-box toymaker Pop Mart International jumped 2.3 per cent to HK$231.60, while online travel-booking agency Trip.com rose 1.5 per cent to HK$484.80. Lender HSBC Holdings advanced 3.1 per cent to HK$138.90, and gold miner Zijin Mining Group gained 4.6 per cent to HK$41.36.
In Shanghai, chip designer Cambricon Technologies slumped 9.2 per cent to 1,128 yuan and peer Moore Threads Technology dropped 2.7 per cent to 554.92 yuan.
Overnight in the US, the S&P 500 Index rose 0.5 per cent and the Dow Jones Industrial Average gained 1.1 per cent. Sentiment improved after US President Donald Trump said he would cut tariffs on India to 18 per cent after Prime Minister Narendra Modi agreed to halt purchases of Russian oil. Gold prices later jumped 6 per cent and silver surged 10 per cent, snapping a three-day losing streak.