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Aileen Chuang

Hong Kong stocks dropped on Friday as rising geopolitical tensions dimmed investor appetite for risk assets.
The Hang Seng Index fell 0.6 per cent to 23,892.56, though it notched a small gain of 0.4 per cent for the week following a temporary de-escalation of US-China trade tensions. The Hang Seng Tech Index fell 1.7 per cent. On the mainland, the CSI 300 Index dropped 0.7 per cent and the Shanghai Composite Index retreated 0.8 per cent.
Sino Biopharmaceutical pared its Thursday gains by falling 2.8 per cent to HK$5.53. Electric-vehicle maker BYD lost 2.5 per cent to HK$131.10 and peer Li Auto fell 2.7 per cent to HK$109.80.
Tech stocks also slumped: Meituan lost 2 per cent to HK$138.20, Trip.com dropped 2.7 per cent to HK$468.80 and Alibaba Group Holding, owner of the Post, retreated 2.3 per cent to HK$112.
On the upside, Chow Tai Fook Jewellery Group jumped 5.4 per cent to HK$12.94 after it reported better-than-expected net income for the financial year that ended in March. Property stocks also traded higher: China Resources Land rose 1.7 per cent to HK$27.05, Henderson Land Development rose 1.4 per cent to HK$25.70 and Hang Lung Properties gained 3 per cent to HK$6.79.
State-owned China National Offshore Oil Corporation gained 2.1 per cent to HK$18.70 and PetroChina rose 1.8 per cent to HK$7.40 thanks to rising oil prices. Gold producer Zijin Mining added 0.5 per cent to HK$20.10.
Early Friday, Israel said it launched air strikes targeting both nuclear and military sites and officials leading Iran’s nuclear programme, sparking a risk of war between the two adversaries.
“Tensions in the Middle East affected sentiment in Hong Kong’s stock market, with some companies that had previously talked about entering the region being impacted more dramatically than others,” said Jason Chan, senior equity strategist at Bank of East Asia.
This year, BYD launched a hybrid sedan model in the Middle East and signed a development deal with Saudi Aramco to collaborate on new energy vehicle technologies. And since last year, Meituan’s food delivery platform has operated in Saudi Arabia.
However, pressure on the city’s stocks should not be as severe as in other markets like the US, he added.
Another factor weighing on Hong Kong stocks was the interest rate decision in the US amid trade uncertainties, Chan said.
“Concerns about US inflation may resurface, potentially diminishing the Federal Reserve’s motivation to cut interest rates,” he said.
Other major Asian markets were lower: Japan’s Nikkei 225 slipped 0.9 per cent, South Korea’s Kospi retreated 0.9 per cent and Australia’s S&P/ASX 200 dropped 0.2 per cent.


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Israel launches air strikes targeting both nuclear and military sites and officials leading Iran’s nuclear programme


Israel launches air strikes targeting both nuclear and military sites and officials leading Iran’s nuclear programme.


Hong Kong stocks fall on rising geopolitical tensions

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Israel launches air strikes targeting both nuclear and military sites and officials leading Iran’s nuclear programme

Israel launches air strikes targeting both nuclear and military sites and officials leading Iran’s nuclear programme