Hong Kong stocks fall on US trade threats and interest rate uncertainty
Hong Kong stocks fell on Thursday, following declines in the US, as investors contended with new trade threats from Washington and uncertainty over trends in interest rates.
The Hang Seng Index dropped 0.8 per cent to 24,176.63 at 9.55am local time, wiping out Wednesday's gains following a preliminary US-China trade agreement. The Hang Seng Tech Index dropped 1.5 per cent. On the mainland, the CSI 300 Index lost 0.2 per cent and the Shanghai Composite Index retreated 0.1 per cent.
Technology stocks weighed on Hong Kong's benchmark.
Kuaishou Technology , owner of a short-video platform, lost 3.2 per cent to HK$60.20, e-commerce giant
Alibaba Group Holding fell 2.8 per cent to HK$115.10 and electric-vehicle maker BYD retreated 2.3 per cent to HK$137.60. Alibaba owns the Post.
Horizon Robotics, which makes artificial intelligence chips for self-driving cars, sank 4.7 per cent to HK$7.09 after it said it would sell 681 million shares at HK$6.93 a share.
On the upside, Sino Biopharmaceutical surged 13.2 per cent to HK$5.41 and Sunny Optical Technology Group, which makes camera modules for mobile phones, gained 1.8 per cent to HK$66.60. Wuxi Biologics rose 2.6 per cent to HK$27.35.
On Wednesday, US President Donald Trump said he would unveil unilateral tariff rates within two weeks. The S&P 500 index dropped 0.3 per cent and the Nasdaq 100 fell 0.5 per cent overnight. The comment came after the US struck a preliminary trade deal with China; the framework agreement awaits approval from Beijing and Washington.
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