Hang Seng gains, but China stocks fall on uncertainty about what is ahead on trade deal if Trump signs bill supporting protesters
- Liquor giant Kweichow Moutai falls 3 per cent in worst tumble in six weeks
- Meituan Dianping surges 6.7 per cent on third-quarter revenue that beat expectations
Hong Kong stocks rose Friday, but China shares slid, as traders grappled with uncertainty about what might happen to negotiations on a partial US-China trade deal if President Donald Trump signs legislation supporting the city’s pro-democracy protesters.
The Hang Seng Index closed up 0.5 per cent at 26,595.08, snapping the past two days of losses, with social media giant Tencent rising 1.5 per cent to HK$334.2.
The hot Hong Kong stock of the day was Kasen International Holdings, which closed with a 478 per cent gain after rebutting claims of misdeeds by US short seller Blue Orca. Trading of the Chinese furniture maker and developer was halted Thursday, after it plunged 90 per cent on the claims, wiping HK$6 billion off its market value.
On the mainland, the Shanghai Composite Index dropped below the key 2,900-point level, falling 0.6 per cent to 2,885.29. That was its lowest level in three months.
Two of the most heavily traded stocks by northbound traders on the Stock Connect took hard tumbles.
