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Hong Kong stocks fell for the second day as investors shun risks amid concerns about global trade tensions before a deadline next week to tackle higher US export tariffs, while the outlook for higher borrowing costs hurt developers.
The Hang Seng Index declined 1.1 per cent to 23,807.55 at 10.30am local time on Friday, adding to a 0.6 per cent loss on Thursday. The Hang Seng Tech Index slipped 1.5 per cent. The Shanghai Composite Index and the CSI 300 Index of onshore stocks both added 0.1 per cent.
The Hang Seng Index has lost 1.8 per cent since Monday, the biggest weekly loss in almost three months.
E-commerce leader Alibaba Group Holding declined 2 per cent to HK$104.10 while peer JD.com retreated 1.4 per cent to HK$123.50. Nike supplier and apparel maker Shenzhou fell 1.7 per cent to HK$55.80, while Zijing Mining weakened 1.9 per cent to HK$20.85.
CK Asset fell 2.3 per cent to HK$34.65 and Sun Hung Kai Properties declined 1.4 per cent to HK$91.95, pacing property developers lower. The Hong Kong Monetary Authority soaked up HK$29.634 billion from the system following its latest market intervention, pressuring local borrowing costs.
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Why Hong Kong will remain a free port regardless of Donald Trump’s tariffs
Why Hong Kong will remain a free port regardless of Donald Trump’s tariffs
US President Donald Trump said on Thursday that his administration could start sending letters to major trading partners to set high unilateral tariff rates ahead of a July 9 deadline. The warning added to market caution as Japan, South Korea and the EU scrambled to finalise agreements with the US.
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