Hong Kong stocks waver as investors search for catalysts to drive momentum
At a meeting chaired by Premier Li Qiang on Wednesday, authorities pledged to curb ‘irrational competition’ in the EV sector
Speculation about the future of Federal Reserve chair Jerome Powell also weighed on sentiment.
The Hang Seng Index closed marginally lower at 24,498.95, after rising as much as 0.6 per cent. The Hang Seng Tech Index added 0.6 per cent. On the mainland, the CSI 300 Index rose 0.7 per cent, while the Shanghai Composite Index gained 0.4 per cent.
Baidu slumped 3.3 per cent to HK$85.60, as Morgan Stanley analysts forecast a 15 per cent drop in advertising revenue in the second quarter due to limited monetisation for the search-engine leader’s AI search. Smartphone maker Xiaomi slid 2 per cent to HK$56.15. Short-video platform Kuaishou Technology lost 0.7 per cent to HK$69.15 and e-commerce giant JD.com eased 0.2 per cent to HK$124.50.
EV maker Li Auto jumped 9.7 per cent to HK$124.10, Geely Automobile Holdings climbed 4.2 per cent to HK$19.02 and BYD advanced 1.1 per cent to HK$123.80.
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China GDP figures beat market forecasts despite looming US tariff risks
Beijing on Wednesday pledged to curb “irrational competition” in the EV sector during a State Council meeting chaired by Premier Li Qiang. Authorities said they would step up price monitoring, regulate the market and push companies to innovate and improve quality to stabilise the industry and safeguard economic growth.