Hong Kong: Stocks end mixed ahead of Sino-US trade deal meeting

The Hong Kong stock market finished session lower on Thursday, 13 August 2020, snapping a two-session winning streak, as investors withdrawing profit off the table on caution ahead of a meeting between top U.S. and Chinese trade officials on Saturday to review the first six months of the Phase 1 trade deal.

At closing bell, the benchmark Hang Seng Index fell 0.05%, or 13.35 points, to 25,230.67. The Hang Seng China Enterprises Index rose 0.28%, or 28.69 points, to 10,244.60.

The world's two largest economies will hold high-level talks on August 15 to review Beijing's compliance with the phase-one trade deal signed by the two nations. Top officials from both sides will hold a videoconference on Saturday to review their Phase 1 trade deal signed in January.

Next Digital, the parent company of Apple Daily, plunged 42% to 38 Hong Kong cents after the city's securities regular warned against the risk of trading the stock. The stocks skyrocketed 12 fold on the first two days of the week following the arrest of its owner Jimmy Lai Chee-ying.

Tencent slipped 2% to HK$510, even after posting a 37% increase in second-quarter earnings. The Chinese social-media giant, which is in the spotlight amid the frayed China-US ties, downplayed the impact of the order by President Donald Trump to ban business transactions with its WeChat app, saying on a Wednesday conference call that only 2% of its revenues were generated from the US.

China Unicom surged 26% to HK$5.74 after saying first-half profit rose 10% to 7.57 billion yuan (US$1.09 billion).

Techtronic Industries rallied 11% to HK$94.45, as CGS-CIMB raised the price target of the stock by 28% following its earnings release.

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