Hong Kong stocks erase gains amid ongoing US-China trade talks
Investors appear to look more cautiously at ongoing US-China trade talks in London
The Hang Seng Index fell 0.1 per cent to 24,162.87 at the close and the Hang Seng Tech Index dropped 0.8 per cent. On the mainland, the CSI 300 Index lost 0.5 per cent and the Shanghai Composite Index retreated 0.4 per cent.
Shares of Galaxy Entertainment Group fell 2.2 per cent to HK$33.10 after the Macau government said 11 satellite casinos would be closed. These are small casinos operated by third parties but under concessionaires’ licenses.
BYD, the world’s largest maker of EVs, rose 3.7 per cent to HK$135.60 after it underwent a three-for-one stock split in an effort to appeal to more investors.
CSPC Pharmaceutical rose 3 per cent to HK$9.08 after HSBC raised its target price to HK$9.50, citing expectations of accelerated new drug launches and business growth, while Hansoh Pharmaceutical gained 3.6 per cent to HK$28.85. Aluminium maker China Hongqiao Group rallied 4.8 per cent to HK$15.20.
Chinese property firms traded higher on news that Beijing was tapping its housing provident fund to give buyers an alternative to bank mortgages. China Overseas Land and Investment rose 1.7 per cent to HK$13.54 and Longfor Group Holdings added 2.4 per cent to HK$9.81.