Hong Kong stocks slip on trade tensions and poor financial results

From South China Morning Post: 2024-06-13 22:32:29

Investors await data release from China including industrial production, retail sales, and fixed-asset investment numbers. Trade tensions rise as EU imposes tariffs on Chinese electric vehicles, prompting Chinese pig-breeders to seek anti-dumping probe on European pork imports. Hong Kong stocks surge into bull market territory, but property sector struggles despite Beijing’s rescue efforts.

Chow Tai Fook stock plunges after weak financial results and projected poor sales. Alibaba and Hong Kong Exchanges also see declines. Cloud Factory Technology Holdings slumps on market debut. Kweichow Moutai maintains despite reports of lower product prices. Property developers Longfor Group and China Resources Land rally.

Asian markets mixed with Japan’s Nikkei up 0.2%, South Korea’s Kospi rising 0.1%, and Australia’s S&P/ASX 200 falling 0.3%. Other major markets show positive trends.



Read more at South China Morning Post: Hong Kong stocks slip, index ends week in red on jitters before China’s key economic data