Hong Kong stocks rise as investors await earnings from Chinese banks

Hong Kong stocks rose slightly on Tuesday, as traders kept an eye on the latest developments in the US-China tariff talks and corporate results to assess the impact of the ongoing trade war.

The Hang Seng Index closed 0.2 per cent higher at 22,008.11. The Hang Seng Tech Index gained 0.6 per cent. On the mainland, the CSI 300 Index dropped 0.2 per cent and the Shanghai Composite Index fell 0.1 per cent.

Chinese biotech firm WuXi AppTec rose 4.2 per cent to HK$60.65 after net income beat analysts’ estimates and on-demand delivery platform Meituan added 2.9 per cent to HK$132.10. Alibaba Health Information Tech advanced 7.2 per cent to HK$4.94, while port operator CK Hutchison Holdings gained 0.9 per cent to HK$43.40.

HSBC rose 3 per cent to HK$88.35 after it reported first-quarter profit that beat estimates and announced a US$3 billion share buy-back plan. Bank of China declined 1.1 per cent to HK$4.36 ahead of its results announcement later on Tuesday along with some of its mainland peers. Chinese lenders’ margins are expected to be under pressure from the trade war and the domestic economy.

On the flip side, Chinese sportswear maker Li Ning dropped 2.5 per cent to HK$14.62 after it reported a low-single-digit increase in first-quarter same-store sales. China Petroleum and Chemical (Sinopec) declined 1 per cent to HK$3.90, while electric-vehicle maker BYD eased 2.6 per cent to HK$371.40.

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China moves to protect economy from trade war, vows to hit 5% growth target

China moves to protect economy from trade war, vows to hit 5% growth target