Hong Kong stocks halt 3-day gain as Xi-Trump call underwhelms investors
Call between the two leaders offers little clarity to ease ongoing trade tensions
The Hang Seng Index closed 0.5 per cent lower at 23,792.54, halting a 3.2 per cent gain over the past three days. The decline also trimmed the week’s advance to 2.2 per cent. The Hang Seng Tech Index dropped 0.6 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both retreated 0.1 per cent.
Hong Kong and China Gas sank 3.1 per cent to HK$6.81 as the stock traded ex-dividend. Chipmaker Semiconductor Manufacturing International Corp slumped 4.9 per cent to HK$40.20 and online travel agency Trip.com Group lost 3.3 per cent to HK$466.80. Alibaba Group Holding slid 1.4 per cent to HK$116.60 and Meituan shed 1.9 per cent to HK$141.70.
Traders wanted to see more signs of a thaw in China-US ties before making further bets, according to Bohai Securities.
“The market is awaiting fresh catalysts that will help it break out of the sideways trading pattern,” said Song Yiwei, an analyst at the brokerage in Tianjin. “Given the uncertainty and external demand risks, China may still roll out incremental measures to stabilise economic growth.”