Hong Kong stocks pare gain in month as US tariff rulings roil markets
Losses trimmed the Hang Seng Index’s advance in May to about 5 per cent; Shouhui Group slumped 18 per cent in market debut
The Hang Seng Index slid 1.2 per cent to 23,289.77 on Friday, the biggest decline in about a week. The Hang Seng Tech Index slumped 2.5 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both retreated 0.5 per cent before a public holiday on Monday.
China’s biggest electric-car maker BYD slid 3.3 per cent to HK$392.80, Alibaba Group Holding declined 3.6 per cent to HK$113.90 and Tencent Holdings slipped 2.4 per cent to HK$498.20, pacing losses among tech leaders. Instant noodle maker Tingyi tumbled 5 per cent to HK$12.88, while Lenovo declined 4.3 per cent to HK$9.04.
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Trump says he can see himself dealing directly with Xi on US-China trade deal details
“Trump’s tariff approach now remains intact and unrestricted,” said Xiao Jinchuan, an analyst at Huaxi Securities. “Some investors may take some profits from the recent stock rebound.”