Stock prices in Hong Kong remain stable, as investors eagerly await indications following a conversation between Trump and Xi.
In a significant development, President Trump and Chinese President Xi Jinping held a phone conversation on Friday at 9 a.m. Washington time, or 9 p.m. in Beijing. This conversation, which was scheduled, has the potential to impact various sectors, particularly the stock market and technology companies.
The tone of this conversation could influence market sentiment, as investors closely watch the dialogue between the two leaders. During the conversation, topics such as TikTok's future in the US, tariffs, and technology supply chains are expected to be discussed.
The Hang Seng Index, which tracks the performance of the Hong Kong Stock Exchange, closed at 26,545.10, securing a 0.6% gain for the week. Key players in the index saw mixed results. Alibaba Group Holding gained 0.4% to HK$159.10, while JD.com advanced 3.4% to HK$138.80. On the other hand, Li Auto slid 1.1% to HK$100.70, and Baidu slipped 1% to HK$131.50.
The Hang Seng Tech Index, a sub-index that tracks the performance of technology companies, also saw some movement. Anta Sports Products rose 2.7% to HK$96.80, while NetEase slumped 1.5% to HK$236.80. Trip.com added 1.3% to HK$606.50, and Galaxy Entertainment jumped 4.2% to HK$42.46. Wuxi AppTech dropped 1.3% to HK$110.30.
However, it's important to note that the expected outcome of this conversation is not high, according to expectations. Stephen Innes, managing partner at SPI Asset Management in Bangkok, stated that markets are treating the conversation like a potential risk event. He further added that the conversation may not deliver hard outcomes.
In the mainland, the CSI 300 Index gained 0.1%, while the Shanghai Composite Index lost 0.3%. Sands China rallied 6.2% to HK$21.60.
The conversation between Trump and Xi may also influence sentiment on tariffs and the tech industry, particularly in the context of ongoing trade tensions and concerns about supply chains. As the conversation unfolds, investors will be closely watching for any developments that could impact the markets and their investments.
Read also:
- chaos unveiled on Clowning Street: week 63's antics from 'Two-Tier Keir' and his chaotic Labour Circus
- Budget discrepancy jeopardizes highway projects' financial support
- Racing ahead in Renewable Energy Dominance: Changzhou, Jiangsu Pushes for Worldwide Renewable Energy Ascendancy
- Feeling disoriented or perplexed.
