HONG KONG: China and Hong Kong stocks held firm on Tuesday, bucking modest losses across Asia after Wall Street fell overnight.
HK stocks end higher, led by property and tech shares
-
At the midday break, the Shanghai Composite index was up 0.3% at 3,301.59 points, while the blue-chip CSI300 index was little changed.
-
The banking sector and liquor stocks climbed 0.7% and 0.4%, respectively, leading the benchmarks higher.
-
In Hong Kong, the benchmark Hang Seng Index lost less than 0.1%, while the Hang Seng Tech Index slid 0.5%.
-
China’s e-commerce firm JD.com and delivery platform Meituan both tumbled 6.6% as competition heats up between the companies.
-
Supporting the markets, China’s “national team” and private retail investors have been in sync to buy the dip and defend the market as the Sino-US trade conflict shows no signs of easing.
-
In the broader region, other Asian stock markets saw modest losses but largely held their ground despite Wall Street declines overnight.
-
Japan’s Nikkei eased 0.3%, while MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.2%.
-
There’s only a “mild risk-off” sentiment in Asia despite a heavy overnight session, and the focus ahead will still be the various tariff discussions with the US, Wee Khoon Chong, senior markets strategist for APAC at BNY, said in a note.
Comments