Hong Kong stocks fell 84 points, or 0.3%, to 24,826 in a volatile Tuesday morning session, reversing the previous day's modest gains. Investors were cautious following negative sentiment on Wall Street overnight, ahead of key US inflation data, with the CPI figures due today and the PPI scheduled for Thursday.
The decline was led by technology and consumer discretionary stocks, while property stocks were muted despite the Beijing government lifting restrictions on home purchases in the suburbs. Further declines were capped by the latest tariff developments, after President Trump signed an executive order extending a ceasefire with China for another 90 days, prompting Beijing to pledge to suspend additional tariffs on US goods.
On the geopolitical front, Trump is expected to meet with Russian President Putin in Alaska on Friday to discuss a potential resolution to the war in Ukraine. Early decliners included Innovent Biologics (-3.7%), Pop Mart International (-3.0%), Smoore Holdings (-2.9%), and Kuaishou Technology (-2.1%). (alg)
Source: Trading Economics
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