Media365
Hong Kong stocks fell on Friday, led by tech heavyweights, with escalating tensions between US and Iran hurting sentiment.
The Hang Seng Index declined 0.2 per cent to 26,657.84 at the open on the first trading day of the Year of Horse after the market reopened following a three-day holiday for the Lunar New Year. The Hang Seng Tech Index dropped 0.7 per cent. Mainland China’s bourses are closed this week and will reopen on Tuesday.
E-commerce major Alibaba Group Holding slumped 3 per cent to HK$150 and search-engine operator Baidu slid 3 per cent to HK$133.50. Food delivery service provider Meituan dropped 1.1 per cent to HK$81.15 and electric-vehicle maker Li Auto slipped 1 per cent to HK$71.35. Short-video platform Kuaishou Technology slid 0.4 per cent to HK$68.10 and blind-box toymaker Pop Mart retreated 0.3 per cent to HK$250.40.
Oil and gas producer CNOOC advanced 2.2 per cent to HK$25.70, online travel booking agency Trip.com added 1.8 per cent to HK$427.20. Aluminium maker China Hongqiao rose 1.6 per cent to HK$37.20 and property developer China Resources Land gained 3.1 per cent to HK$31.90.
US President Donald Trump said Washington needed to strike a “meaningful deal” with Iran, hinting that the coming 10 days would be critical in determining whether an agreement could be reached. Major US benchmarks fell, with the Dow declining 0.5 per cent and the S&P 500 Index sliding 0.3 per cent.
Other major Asia-Pacific markets were mixed. Japan’s Nikkei 225 fell 1.3 per cent and Australia’s S&P/ASX 200 slid 0.1 per cent, while South Korea’s Kospi gained 1.2 per cent.
