The Hang Seng Index weakened 19 points, or nearly 0.1%, to close at 24,499 on Thursday (July 17th), declining for the second consecutive session due to continued profit-taking after the benchmark index hit a four-month high earlier in the week.
Slight declines in US index futures ahead of key retail sales data later in the day also weighed on sentiment. Meanwhile, concerns over escalating US tariffs persisted after President Trump announced plans to send letters to more than 150 countries, outlining potential tariffs of between 10% and 15%. He described most of the letter recipients as "not very large countries" with limited trade relations with the US.
Financial stocks were mostly lower, with losses from Bank of China Hong Kong (-1.1%), Ping An Insurance (-0.6%), and AIA Group (-0.4%). Meanwhile, auto stocks rallied after Chinese authorities pledged to curb excessive competition and price wars in the electric vehicle sector. Companies that recorded significant increases included Li Auto (9.5%), Geely Auto (3.9%), and Xpeng (0.9%). (alg)
Source: Trading Economics
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