Hong Kong stock market closed lower on Thursday, following declines in the US, as investors grappled with new trade threats from Washington and uncertainty over trends in interest rates. The Hang Seng Index fell by 1.36%, the Hang Seng China Enterprises Index dropped by 1.53%, the Hang Seng Tech Index declined by 2.20%.
On Wednesday, US President Donald Trump said he would unveil unilateral tariff rates within two weeks. The S&P 500 index dropped 0.3 per cent and the Nasdaq 100 fell 0.5 per cent overnight. His comments came after the US struck a preliminary trade deal with China; the framework agreement awaits approval from Beijing and Washington.
In terms of sectors, the biotech sector saw significant gains. Remegen surged by 20.10%, Sino Biopharm rose by 19.29% after announcing a strategic partnership with a leading global pharmaceutical company; and Luye Pharma increased by 9.46%.
Alibaba linked shares Yunfeng Finance up 54%. Jack Ma-backed Ant Group Co.’s international unit is planning to apply for stablecoin licenses in Singapore and Hong Kong, according to people familiar with the matter.
XPeng down 6.7%; BYD, NIO down over 4%; Alibaba, Xiaomi down over 3%; Meituan, JD.com down nearly 2%.