Hong Kong stocks edge down as Beijing economic briefing underwhelms

‘Wait-and-see approach’ among investors remains relatively strong without clear China stimulus measures, analyst says

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A view of Exchange Square in Central, home of the city’s bourse operator, on April 7, 2025.Photo: Jelly Tse

Published: 10:02am, 28 Apr 2025Updated: 4:34pm, 28 Apr 2025

Hong Kong stocks barely changed on Monday as investors were lukewarm towards Chinese authorities’ reiteration of the government’s intent to boost growth, amid the country’s tariff tensions with the US and the pressure on its economy.

The Hang Seng Index fell 0.04 per cent to 21,971.96. The Hang Seng Tech Index added 0.1 per cent.

On the mainland, the CSI 300 Index eased 0.1 per cent and the Shanghai Composite Index dropped 0.2 per cent, respectively.

BYD Electronic International fell 8.5 per cent to HK$31.80, while electric-vehicle maker BYD slid 4 per cent to HK$381.20 after analysts estimated that the company’s profit per vehicle would fall. Coal producer China Shenhua Energy declined 4.2 per cent to HK$29.50 after its first-quarter net income missed expectations, and China Resources Land dropped 2.4 per cent to HK$26.45.

On the gainers, e-commerce giant JD.com rose 2.2 per cent to HK$126.50, Sinopharm gained 4.9 per cent to HK$18.28 and Chow Tai Fook Jewellery rose 1.8 per cent to HK$9.40.

Retail broker Bright Smart Securities surged 82 per cent to HK$5.55 after it resumed trading following an announcement that mainland China’s online payment giant Ant Group agreed to buy a controlling stake.

During a joint briefing on Monday, multiple Chinese agencies, including the top planning bureau and the central bank, largely repeated vows by a decision-making body headed by President Xi Jinping last week. The officials said China has an ample policy toolbox to stabilise employment and the economy, and expressed “full confidence” the country would achieve the target of about 5 per cent economic growth this year.