Hong Kong Stocks Continue Rise; Automakers Close Mixed on New Tariff

MT Newswires Live
27 Mar

Hong Kong stocks extended gains to close in green on Thursday as the US signaled some relief for China amid a tariff frenzy, with a latest levy of 25% on cars.

The Hang Seng Index rose 0.41%, or 95.48 points, to end at 23,578.80. The Hang Seng China Enterprises Index added 0.27%, or 23.42 points, to 8,677.68.

On Wednesday, US President Donald Trump signed an executive order to impose a 25% tariff on cars produced anywhere outside the US from April 2, according to an SCMP report.

Hong Kong-listed automakers were mixed after the news.

NIO (HKG:9866, SGX:NIO), Great Wall Motor (HKG:2333, SHA:601633), and Geely Automobile (HKG:0175) fell 5%, 2% and 1%, respectively.

On the other hand, BYD (HKG:1211) and Dongfeng Motor Group (HKG:0489) each rose 2%.

The Trump-led US government has hinted at a potential reduction of tariffs on China in a bid to secure the latter's support for a sale of Tiktok's US operations to a US firm, Bloomberg reported.

US firm ByteDance faced a mandate to sell the US operations of the social video platform under a law enacted under the Biden administration by Jan. 19.

The Trump government, which previously postponed the implementation of the law by 90 days, is now hinting at further delays if a deal cannot be clinched.

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