Hong Kong stocks swung between gains and losses on Tuesday as investors weighed China’s economic outlook and the military conflict in the Middle East.
The Hang Seng Index fell 0.1 per cent to 24,037.56 as of 10.12am local time. The Hang Seng Tech Index gained 0.1 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index were both little changed.
Sands China advanced 3.8 per cent to HK$15.44 and Sunny Optical Technology Group gained 3 per cent to HK$66.05. Alibaba Group Holding added 1.8 per cent to HK$114.90. Chow Tai Fook Jewellery Group slumped 4.4 per cent to HK$13.12 on a plan to sell convertible bonds. PetroChina lost 5.2 per cent to HK$6.99 as the stock traded ex-dividend.
Investors are waiting for more policy signals from Beijing after a set of mixed economic data from May, when the downturn in property prices accelerated. Meanwhile, they are also watching the military tensions between Iran and Israel, as hostilities could strain oil supply and add inflationary pressure.
Other major Asian markets all edged up following an overnight gain in US stocks. Japan’s Nikkei 225 climbed 0.5 per cent, while South Korea’s Kospi rose 0.9 per cent and Australia’s S&P/ASX 200 added 0.1 per cent.
