Hong Kong stocks fall on rising geopolitical tensions
Israel launches air strikes targeting both nuclear and military sites and officials leading Iran’s nuclear programme
The Hang Seng Index fell 0.6 per cent to 23,892.56, though it notched a small gain of 0.4 per cent for the week following a temporary de-escalation of US-China trade tensions. The Hang Seng Tech Index fell 1.7 per cent. On the mainland, the CSI 300 Index dropped 0.7 per cent and the Shanghai Composite Index retreated 0.8 per cent.
Sino Biopharmaceutical pared its Thursday gains by falling 2.8 per cent to HK$5.53. Electric-vehicle maker BYD lost 2.5 per cent to HK$131.10 and peer Li Auto fell 2.7 per cent to HK$109.80.
Tech stocks also slumped: Meituan lost 2 per cent to HK$138.20, Trip.com dropped 2.7 per cent to HK$468.80 and Alibaba Group Holding, owner of the Post, retreated 2.3 per cent to HK$112.
On the upside, Chow Tai Fook Jewellery Group jumped 5.4 per cent to HK$12.94 after it reported better-than-expected net income for the financial year that ended in March. Property stocks also traded higher: China Resources Land rose 1.7 per cent to HK$27.05, Henderson Land Development rose 1.4 per cent to HK$25.70 and Hang Lung Properties gained 3 per cent to HK$6.79.
State-owned China National Offshore Oil Corporation gained 2.1 per cent to HK$18.70 and PetroChina rose 1.8 per cent to HK$7.40 thanks to rising oil prices. Gold producer Zijin Mining added 0.5 per cent to HK$20.10.