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Hong Kong stock market
BusinessChina Business

Hong Kong stocks give up earlier gains to close lower as mainland Chinese traders’ sell-off of local shares dampens sentiment

  • Chinese mainland investors dumped Hong Kong stocks for a second straight day, souring sentiment
  • Search engine giant Baidu’s earnings likely grew 6.6 per cent last quarter according to consensus forecasts, while China’s economic recovery gained traction

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A Chinese national flag in front of screens showing the Hang Seng index and stock prices outside Exchange Square in Central, Hong Kong in August 2023. Photo: Reuters
Zhang Shidongin Shanghai
Hong Kong stocks dropped on Tuesday, reversing earlier gains, as a sell-off by mainland Chinese investors offset a boost provided by the strength of the Chinese yuan as it rose to a four-month high.

The Hang Seng Index fell 0.3 per cent to 17,733.89 at the close, giving up an intraday gain of as much as 1.6 per cent. The Tech Index slid 1 per cent and the Shanghai Composite Index slipped less than 0.1 per cent.

Chinese smartphone maker Xiaomi retreated 4.9 per cent to HK$15.38 and personal computer maker Lenovo Group sank 3.4 per cent to HK$9.52. Tencent lost 0.6 per cent to HK$324.80 and online games operator NetEase shed 2 per cent to HK$179.60.

Limiting losses, Alibaba Group advanced 2.1 per cent to HK$76 and search engine operator Baidu jumped 2.8 per cent to HK$107.40, with analysts forecasting its earnings report today may show a 6.6 per cent increase for the last quarter.

Sunac China Holdings jumped 12 per cent to HK$2.61 after the Chinese property developer said it had satisfied conditions for a long-awaited offshore debt restructuring deal.

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