Hong Kong stocks fall slightly on rising geopolitical tensions

South China Morning Post

19 hours ago

Hong Kong stocks dropped on Friday as rising geopolitical tensions dimmed investors' appetite for risk assets.
The Hang Seng Index fell 0.4 per cent to 23,950.45 at 10.10am local time, though it was still heading for a small weekly gain following a temporary de-escalation of US-China trade tensions. The Hang Seng Tech Index fell 1.3 per cent. On the mainland, the CSI 300 Index dropped 0.6 per cent and the Shanghai Composite Index retreated 0.5 per cent.
Sino Biopharm led losses as its shares fell 5.1 per cent to HK$5.40. Electric-vehicle maker BYD lost 3.3 per cent to HK$130 and peer Geely Auto fell 2.4 per cent to HK$16.34.
Tech stocks also slumped: Xiaomi dropped 2 per cent to HK$51.15 and Alibaba Group Holding, owner of the Post, retreated 1.6 per cent to HK$112.80.
Chow Tai Fook Jewellery Group jumped 9 per cent to HK$13.38 after it reported better-than-expected net income for its financial year ended in March. Property stocks traded higher: China Resources Land rose 3.6 per cent to HK$27.55, while Link Reit and Hang Lung Properties both gained 1.1 per cent to HK$42.45 and HK$6.66, respectively.
State-owned China National Offshore Oil Corporation gained 2.1 per cent to HK$18.70 and PetroChina rose 1.4 per cent to HK$7.37 on rising oil prices. Gold producer Zijin Mining advanced 2.5 per cent to HK$20.50.