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<H Shrs>HSI Slides 265Pts at Close; NIO Yet Up 8%; Pharma & Stablecoin Concept Stocks Ebb
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U.S. President Donald Trump announced tariff rates for multiple economies and a 40% tariff on all tax-evading transshipped goods. The HSI opened 28 points lower, and briefly rose 83 points to peak at 24,856, before trending lower. Eventually, the HSI closed near its low at 24,507, down 265 points or 1.1%. The HSCEI dipped 78 points or 0.9% to 8,804. The HSTECH lost 55 points or 1% to 5,397. Market turnover totaled HKD254.674 billion. Meituan, Taobao Instant Commerce, Ele.me, and JD.com issued statements urging boycott to disorderly competition. BABA-W (09988.HK) edged up 1%, MEITUAN-W (03690.HK) gained 0.5%, and JD-SW (09618.HK) dipped 0.2%. Logistics stocks advanced. ZTO EXPRESS-W (02057.HK) swelled 7.4%, and J&T EXPRESS-W (01519.HK) rallied 2.5%. China’s NDRC is coordinating measures, including law amendments, to address involution competition among private enterprises. Pharma stocks retreated. GENSCRIPT BIO (01548.HK) fell off 3.4%; WUXI APPTEC (02359.HK), PHARMARON (03759.HK), HENGRUI PHARMA (01276.HK), and INNOVENT BIO (01801.HK) dived 3.8-5.1%. LUYE PHARMA (02186.HK) slid 8.1%. Stablecoin concept stocks pulled back. GUOTAI JUNAN I (01788.HK) plummeted 10.7% to HKD5.71, BRIGHT SMART (01428.HK) slumped 19.8% to HKD11.84, and ZA ONLINE (06060.HK) tumbled 7.6%. AAStocks Financial News |
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