Hong Kong’s stock market gave back early gains on Tuesday as investors tempered expectations over the ongoing US-China trade negotiations.
The Hang Seng Index declined 0.2% to close at 24,131.87 by early afternoon local time, while the Hang Seng Tech Index fell 1.3%. On the Chinese mainland, the CSI 300 and Shanghai Composite indices both slipped 0.5%.
Tech shares led the downturn, with Meituan falling 3.4% to HK$143.40, Semiconductor Manufacturing International Corporation dropping 3.2% to HK$40.90, and electric vehicle maker Li Auto retreating 3% to HK$116.40.
Shares of Galaxy Entertainment Group declined 1.8% to HK$33.25 after Macau authorities announced the closure of 11 satellite casinos—smaller venues operated by third parties under concession licenses.
On the positive side, CSPC Pharmaceutical rose 2% to HK$9 following HSBC’s upgrade of its target price to HK$9.50, citing expectations of accelerated new drug launches and business growth. Hansoh Pharmaceutical also gained 2.9% to HK$28.65. Aluminium producer China Hongqiao Group jumped 4.1% to HK$15.10.
Chinese property stocks traded higher after reports that Beijing plans to utilize its housing provident fund to offer buyers alternatives to traditional bank mortgages. China Overseas Land and Investment added 1.8% to HK$13.56, and Longfor Group Holdings rose 2.2% to HK$9.79.
Monday’s trade talks between the US and China ended without significant breakthroughs, but US officials confirmed negotiations will continue on Tuesday.
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