Hong Kong Stocks Close Lower on Tariff Whiplash; Li Auto Gains 4% After Earnings
Hong Kong stocks closed lower on Friday as a federal appeals court temporarily reinstated the most sweeping of President Donald Trump's tariffs on Thursday, a day after a U.S. trade court ruled that Trump had exceeded his authority in imposing the duties and ordered an immediate block on them.
The Hang Seng Index fell 1.2%, while the Hang Seng Tech Index declined 2.5%.
In terms of star stocks, Li Auto jumped 3.8% after earnings. Li Auto’s net profit in the first quarter was better than expected but it guided for softer revenue growth ahead as it continues to face tough competition in China’s overcrowded EV market.
While XPeng and NetEase fell 5%; NIO, Baidu, and Alibaba fell 4%; BYD fell 3%; Tencent, JD.com, SMIC, Kuaishsou, Meituan, and Xiaomi fell about 2%.
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