Hong Kong stocks dip before US-China tariff deadline and Alibaba, Tencent results
stocks kicked off trading on a cautious note on Monday ahead of a deadline for a US-China tariff pause and earnings from China's biggest technology companies.
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The Hang Seng Index fell 0.1 per cent to 24,808.64 as of 10.10am local time. The Hang Seng Tech Index dropped 0.5 per cent. On the mainland, the CSI 300 Index climbed 0.2 per cent and the Shanghai Composite Index added 0.1 per cent.
SMIC slumped 3 per cent to HK$47.14 and Trip.com Group lost 2.9 per cent to HK$467.80. Xinyi Solar Holdings rallied 4.8 per cent to HK$3.33 and BYD Electronic International jumped 4.6 per cent to HK$38.12. Alibaba Group Holding added 0.9 per cent to HK$117.30.
The 90-day tariff ceasefire between Beijing and Washington expires on Tuesday following a third round of talks in Stockholm last month. UBS' wealth management unit said last week that the tariff on Chinese exports to the US may eventually range between 30 and 40 per cent.
Corporate earnings will also be in focus. Some of the biggest constituents in the Hang Seng Index are due to disclose interim reports this week, with Tencent Holdings on Wednesday and Alibaba on Friday.
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Lithium maker Tianqi Lithium and peer Ganfeng Lithium jumped after Contemporary Amperex Technology said that it had suspended operations at its Jianxiawo mine in the eastern Jiangxi province for at least three months.
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