Hong Kong Stocks End Week Lower; APT Electronics Surges 48% as AuGroup Falls in Debut

MT Newswires Live11-08

Hong Kong stocks ended the week lower amid concerns over renewed tensions between the US and China as President-elect Donald Trump prepares to start his second term.

The Hang Seng Index fell by 1.07%, or 225.15 points, to close Friday's session at 20,728.19. The Hang Seng China Enterprises Index declined by 1.13%, or 85.51 points, to close at 7,461.44.

Trump's return could result in tariffs on Chinese exports as high as 60%, which could inflict a heavy blow to China's economy, upend global supply chains, and further strain the already frayed ties between the world's two largest economies.

"The return of Trump to the White House introduces complexities for China's policymaking," Jing Sima, a consultant at BCA Research, was quoted by South China Morning Post as saying. "Beijing may need to intensify supportive measures next year if a renewed trade war fully materializes."

These developments overshadowed the Hong Kong Monetary Authority's 25 basis point reduction of its base lending rate to 5% from 5.25%, which was in lockstep with the US Federal Reserve.

In corporate news, two market debutants moved opposite directions on their first trading day.

APT Electronics (HKG:2551) made a stellar debut as the LED products provider closed at HK$5.33 per share, up nearly 48% from its IPO price of HK$3.61.

On the other hand, online retailer AuGroup (SHENZHEN) Cross-Border Business (HKG:2519) finished at HK$13.82 per share, down 11.4% from its listing price of HK$15.60.

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