The Hang Seng closed slightly lower at 24,163 on Tuesday, reversing early gains as declines in the technology and consumer staples sectors weighed on sentiment. Some traders locked in profits after the index hit a near three-month high in the previous session.
Market sentiment turned cautious as mainland stocks retreated ahead of the second day of U.S.-China trade talks, where officials aim to resolve key disputes. While Washington and Beijing agreed to ease tariffs for 90 days, trade flows remained weak, with Chinese exports to the U.S. falling the most since the pandemic and U.S. imports from China dropping nearly 20% in May.
EV stocks declined as competition among leading Chinese EV makers intensified. Geely joined Great Wall Motor in criticizing BYD over its aggressive price cuts. Li Auto fell 3.4%, while Geely Auto fell 0.6%. Other major decliners included Mixue Group (-5.9%), Meituan (-2.8%), Xiaomi Corp. (-1.5%), Kuaishou Tech (-1.4%), and Tencent Holdings (-1.0%).(alg)
Source: Trading Economics
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