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Hong Kong stocks fall slightly amid ongoing tariff tensions between the US and China
Hong Kong stocks fall slightly amid US-China trade tensions after staging a big rally on Friday
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Hong Kong stocks fell on Monday as ongoing tariff tensions between the US and China took a toll on some companies, while a key gauge of technology stocks traded lower.
The Hang Seng Index dropped 0.6 per cent to 23,341.61 at the close, while the Hang Seng Tech Index slipped 1.2 per cent. On Friday, the indices ended up 4 per cent and 6.5 per cent, respectively, their best trading day since October.
On the mainland, the CSI 300 Index and the Shanghai Composite Index both dropped 0.2 per cent.
Chinese pharmaceutical firm Wuxi AppTec slumped 10.1 per cent to HK$62.90 and Wuxi Biologics sank 9 per cent to HK$23.65. On Friday, US President Donald Trump directed the Committee on Foreign Investment in the United States to restrict Chinese spending on healthcare and other strategic industries.
PC maker Lenovo Group dropped 4.6 per cent to HK$12.98, Kuaishou Technology declined 5.6 per cent to HK$55.15 and Tencent Holdings dropped 3.8 per cent to HK$497.20.
E-commerce company Alibaba Group Holding, which owns the Post, declined 2 per cent to HK$135.70 after both its revenue and profit for the quarter to December 31 exceeded analysts’ estimates. Deutsche Bank raised the stock’s target price to HK$155 from HK$127, reinforcing the lender’s generally positive attitude about mainland China’s markets and internet sector.
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