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South China Morning Post
13-03-2025
- Business
- South China Morning Post
Hong Kong stocks drop for fifth day as trade-war fears mount
Hong Kong stocks fell for the fifth straight day on Thursday, marking the longest losing streak in two months, as investors worried about the global economy amid escalating trade-war risks. Advertisement The Hang Seng Index declined 0.3 per cent to 23,520.73 as of 9.45am local time, adding to a loss of 3.2 per cent since March 6. The Tech Index retreated 0.8 per cent. On the mainland, the CSI 300 Index edged up 0.1 per cent, while the Shanghai Composite Index lost 0.1 per cent. Sportswear brand Anta Sports slumped 1.5 per cent to HK$96.65. Insurance firm AIA fell 1.2 per cent to HK$63.05, and peer Ping An tumbled 0.4 per cent to HK$46.90. Alibaba Group Holding slipped 0.7 per cent to HK$133.80, and internet and video-gaming firm NetEase lost 0.2 per cent to HK$162.70. Gains in Chinese car makers tempered losses, as Li Auto jumped 2.9 per cent to HK$115.50, peer BYD added 1.2 per cent to HK$359.20 and Geely Auto increased 0.6 per cent to HK$17.62. PC producer Lenovo Group advanced 0.7 per cent to HK$11.72. US President Donald Trump said the US would respond to the European Union's countermeasures against his new 25 per cent tariffs on steel and aluminium, escalating fears of recession risk globally. Advertisement Major Asia-Pacific markets were mixed. Both Japan's Nikkei 225 and South Korea's Kospi added 0.8 per cent, while Australia's S&P/ASX 200 lost 0.1 per cent.
South China Morning Post
18-02-2025
- Business
- South China Morning Post
Hong Kong stocks advance as Beijing's support spurs bets on tech rally
Hong Kong stocks rose to the highest in more than four months after Beijing delivered its strongest endorsement of the private sector, fuelling bets on further gains in this year's tech rally following DeepSeek's breakthrough. The Hang Seng Index climbed 0.7 per cent to 22,774.46 at 10.14am local time on Tuesday, a level not seen since October 7. The Tech Index gained 0.8 per cent. The CSI 300 Index, which tracks the biggest stocks listed in Shanghai and Shenzhen, slipped 0.2 per cent, while the Shanghai Composite Index retreated 0.3 per cent. Smartphone maker Xiaomi rallied 4.9 per cent to HK$47.25 and carmaker BYD advanced 2.6 per cent to HK$365. E-commerce leader Alibaba Group Holding rose 1.7 per cent to HK$124.40 and WeChat operator Tencent Holdings added 0.9 per cent to HK$498. Top lender HSBC gained 1.5 per cent to HK$86.80 before its earnings report on Wednesday. President Xi Jinping urged tech entrepreneurs to contribute more to innovation amid an intensifying rivalry with the US, according to a readout released by state-run Xinhua News Agency. He also promised more protection for entrepreneurial interests and wider market access for them, in the first public meeting between the top leader and the private sector since 2018. 'It is a clear signal that the government would like to encourage the private sector to play a more important role in tech innovation,' said Zhang Zhiwei, chief economist at Pinpoint Asset Management in Hong Kong. The top-level meeting, if conducted regularly, would facilitate mutual understanding and boost confidence in the economy, he added. Global investment banks have turned bullish on Chinese stocks since the success of DeepSeek's cost-effective AI model earlier this year, prompting a re-rating of Chinese tech companies. Goldman Sachs on Monday raised its 12-month targets for Chinese stocks, saying faster AI adoption would fuel corporate earnings and fund inflows.
