Hong Kong Stocks Fluctuate As Investors Wait on Tech Earnings, Fret Over US Debt-Ceiling Fight

South China Morning Post2023-05-17

Hong Kong stocks fell as investors adopted a cautious stance while waiting for stronger signals of economic recovery from China and more quarterly earnings report cards from tech giants.The Hang Seng ...

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The Tech Index was little changed and the Shanghai Composite Index slipped 0.3 per cent.Manufacturer Techtronic Industries plunged 3.8 per cent to HK$79.75, Wuxi Biologics fell 2.4 per cent to HK$45.60 and Hansoh Pharmaceuticals fell 2.5 per cent to HK$13. Hong Kong’s biggest lender HSBC fell 1.3 per cent to HK$58.90 and logistics company Orient Overseas International fell 1.5 per cent to HK$151.50.Recent economic data released by China has proved underwhelming, and investors are looking to tech giants’ quarterly earnings this week for stronger signals of recovery.Baidu’s first-quarter results, announced on Tuesday, beat expectations with 31 billion yuan in revenue and profit of 5.4 billion yuan. The report sent its stock jumping 2.9 per cent to HK$127.90.Alibaba added 1 per cent to HK$86.60, while Tencent fell 0.2 per cent to HK$344.20. 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