Hong Kong stocks trade sideways as investors focus on economic data, earnings
With Trump extending the tariff truce by another 90 days, all eyes are now on the economic data dump and blue-chip earnings
The Hang Seng Index closed 0.3 per cent higher at 24,969.68. The Hang Seng Tech Index dropped 0.4 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both gained 0.5 per cent.
Car dealer Zhongsheng Group jumped 4 per cent to HK$14.27 and Semiconductor Manufacturing International advanced 5 per cent to HK$51.15. JD.com added 0.3 per cent to HK$122.70 and online game operator NetEase rose 1.1 per cent to HK$204.40, with both due to release earnings on Thursday. On the downside, Tencent Holdings retreated 0.3 per cent to HK$559.50 before its interim report on Wednesday. Alibaba Group Holding fell 1.6 per cent to HK$116.60.
Investors took the tariff-extension news in their stride, as the outcome was in line with expectations. US President Donald Trump on Monday signed an executive order extending the tariff truce with China by 90 days until November 10, while China also made a similar statement.
The extension of the trade tariff deadline did not come as a surprise to the financial markets, as investors had already assumed the deadline would be extended, said Zhang Zhiwei, the chief economist at Pinpoint Asset Management in Hong Kong.