Hong Kong stocks waver as investors await rate-cut news while US, China tout TikTok deal
Ample domestic and external liquidity should fuel another rally in Hong Kong this month, strategists at China Merchants Securities say
Online travel-booking agency Trip.com jumped 4.1 per cent to HK$597.50, while food-delivery company Meituan gained 3 per cent to HK$100.30. Electric-vehicle maker Li Auto rose 2.6 per cent to HK$100.10, while peer Geely Automobile Holdings gained 3.2 per cent to HK$19.05 and BYD advanced 1.7 per cent to HK$119.90.
Online healthcare services provider JD Health Digital slumped 5.8 per cent to HK$65.55, while pharmaceutical firm Wuxi AppTech slid 1.5 per cent to HK$110.10. E-commerce company JD.com dropped 1.3 per cent to HK$130, and Hong Kong developer Sun Hung Kai Properties lost 1.3 per cent to HK$95.55.
On Monday, US and Chinese officials reached a framework agreement to shift TikTok to US-controlled ownership, a breakthrough in fraught negotiations that will be confirmed in a Friday call between Trump and Xi.
The two sides “reached a basic framework consensus on properly resolving TikTok-related matters through cooperation, reducing investment barriers and promoting relevant economic and trade cooperation”, Chinese state-owned Xinhua News Agency reported on Tuesday.