17.07.202508:24:36UTC+00Hang Seng Slips for Second Day on Profit-Taking, Tariff Jitters

On Thursday, the Hang Seng Index experienced a slight decline, losing 19 points or nearly 0.1% to settle at 24,499. This marks the second consecutive session of losses, driven by ongoing profit-taking after the index had reached a four-month peak earlier in the week. Sentiment was further dampened by a minor decline in U.S. futures ahead of the anticipated release of key retail sales data later that day. Additionally, apprehensions surrounding increasing U.S. tariffs persisted following President Trump's announcement of plans to send communications to over 150 countries. These letters are set to detail prospective tariff impositions ranging from 10% to 15%, with the majority of these countries having limited trade interactions with the United States, as described by Trump. The financial sector saw mostly downward movements, with declines in stocks such as Bank of China Hong Kong (-1.1%), Ping An Insurance (-0.6%), and AIA Group (-0.4%). Conversely, the automotive sector witnessed gains after Chinese authorities pledged to mitigate excessive competition and price battles within the electric vehicle industry. Li Auto surged by 9.5%, Geely Auto climbed 3.9%, and Xpeng increased by 0.9%, standing out as significant gainers in the sector.