Hong Kong stocks extend best winning run in a year on tariff relief hopes
US President Donald Trump says trade talks in Switzerland could yield ‘substantive’ tariff cuts
Hong Kong stocks rose for the seventh straight day on Friday, the longest winning streak over a year, amid news that the US could significantly cut tariffs on Chinese exports during the trade talks in Geneva on the weekend.
The Hang Seng Index gained 0.4 per cent to close at 22,867.74, taking its gains for the week to 1.6 per cent. The Hang Seng Tech Index declined 0.9 per cent. On the mainland, the CSI 300 Index fell 0.2 per cent, while the Shanghai Composite Index eased 0.3 per cent.
Sun Hung Kai Properties surged 5 per cent to HK$80.15 and Chow Tai Fook Jewellery added 3.8 per cent to HK$10.88.
Chipmaker Semiconductor Manufacturing International, which reported a 28 per cent year on year increase in revenue for the first quarter, fell 4.8 per cent to HK$43.00. State-owned developer China Resources Land fell 2.9 per cent to HK$25.50.
Dickie Wong, executive director of research at Kingston Securities, said investors were resorting to profit-taking following the market’s rally over the past few days. Investors were likely to take a wait-and-see approach over the next few days to see how the trade talks played out, he added.
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China unveils policy package to guard against US tariffs ahead of trade talks in Switzerland
Chinese Vice-Premier He Lifeng will meet US Treasury Secretary Scott Bessent this weekend in Switzerland. Trump said on Thursday that he believed the negotiations would result in tangible progress.