Hong Kong stocks waver as investors await details on policy support from Beijing
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The Hang Seng Index fell less than 0.1 per cent to 23,887 as of 10.05am local time, while the Hang Seng Tech Index dropped 0.4 per cent. On the mainland, the CSI 300 Index climbed 0.2 per cent and the Shanghai Composite Index added 0.3 per cent.
Sunny Optical Technology advanced 3.9 per cent to HK$73.85 and BYD climbed 3.7 per cent to HK$33.35. China Resources Land rose 2 per cent to HK$29.25 and China Overseas Land and Development gained 1.9 per cent to HK$13.52. On the downside, JD.com slipped 2.4 per cent to HK$122.30 on concerns about stiffer competition in the e-commerce industry.
Investors were looking ahead to a Politburo meeting later this month for clues on how top leaders might reverse a deflationary trend that has persisted for nearly three years and address excessive supply in some industries battered by 'involution.' China and the US could engage in a new round of tariff talks next month after the ceasefire ends in early August.
After applying a 25 per cent tariff rate on Japan and South Korea, US President Donald Trump said on social media that he would impose a
50 per cent rate on Brazil.
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Other major Asian markets were mixed: Japan's Nikkei 225 slipped 0.5 per cent, South Korea's Kospi rose 0.7 per cent and Australia's S&P/ASX 200 added 0.5 per cent.
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