Hong Kong stocks fluctuate as global banks stay bullish amid trade tensions
Stocks in Hong Kong traded between gains and losses as global banks including Citigroup and Goldman Sachs retained their bullish views on Chinese equities on valuation appeal, following a three-day market slide stoked by recession risks.
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The Hang Seng Index was little changed at 23,778.53 as of 10.40am local time on Wednesday, after rising earlier by as much as 0.8 per cent, while the Hang Seng Tech Index rose 0.1 per cent. The CSI 300 Index of onshore stocks declined 0.1 per cent, while the Shanghai Composite Index dropped 0.1 per cent.
Developer Wharf Reic fell 2.7 per cent to HK$19.90, while e-commerce platform operator JD.com lost 0.7 per cent to HK$159.20 and PC maker Lenovo Group lost 2.9 per cent to HK$12.16. Gains in car makers tempered losses, as BYD advanced 4.2 HK$364.80 and Geely Auto climbed 2.6 per cent to HK$17.68.
Chinese stocks have erased some of its unprecedented gains this year, having lost almost 2 per cent in a three-day slide this week. President Donald Trump's policies, including imposing higher trade tariffs on Canada, China and Mexico, have heightened trade wars and clouded growth outlook, forcing investors to seek hedges.
Citigroup downgraded US equities for the first time since October 2023 in favour of more allocation to Chinese stocks, the bank said in a report. Global investors were showing more interest in buying Chinese stocks on the secondary markets amid turbulence in US markets, Goldman Sachs said in a report on March 9.
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Elsewhere, major Asia-Pacific markets were mixed. Japan's Nikkei 225 added 0.2 per cent and South Korea's Kospi advanced 1.5 per cent while Australia's S&P/ASX 200 fell 1.1 per cent.
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