Hong Kong stocks rose on Tuesday, as traders kept an eye on the latest developments in the US-China tariff talks and corporate results to assess the impact of the ongoing trade war.
The Hang Seng Index added 0.4 per cent to 22,063.94 as of 9.47am local time. The Hang Seng Tech Index added 0.8 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both slipped 0.1 per cent.
Chinese biotech firm WuXi AppTec rose 4.6 per cent to HK$60.90 after net income beat analysts’ estimates, CSPC Pharmaceutical Group added 3.8 per cent to HK$6.27. Alibaba Health Information Tech advanced 2.4 per cent to HK$4.72, while port operator CK Hutchison Holdings gained 2 per cent to HK$43.95.
On the flip side, Chinese sportswear maker Li Ning dropped 2 per cent to HK$14.70 after it reported a low-single-digit increase in first-quarter same-store sales. China Petroleum and Chemical (Sinopec) declined 1.5 per cent to HK$3.88, while electric-vehicle maker BYD eased 1.1 per cent to HK$377.00.
“We believe talks will begin that will move tariff rates down,” Morgan Stanley economists led by chief Asia economist Chetan Ahya said in a note late on Monday. “But a comprehensive deal takes time, so tariffs are likely to remain somewhat high.”
