Hong Kong stocks decline due to disappointing earnings

Hong Kong stocks continued to fall as traders reacted to disappointing earnings reports from CK Hutchison and CK Asset. The Hang Seng Index dropped 0.3 percent to 24,143.22, limiting its weekly gain to 1 percent. Meanwhile, the Hang Seng Tech Index saw a slight increase of 0.2 percent. Concerns are growing among investors that recent stock gains are not supported by the actual economic situation. Earlier in the week, Bank of America Securities issued a warning about a potential market pullback based on investor sentiment. In other markets, the CSI 300 Index and the Shanghai Composite Index on the mainland both rose by 0.1 percent. Investors are also cautious about upcoming announcements from U.S. President Donald Trump, who may impose new tariffs on trade partners next month. Two new companies debuted on the market on Friday. Visen Pharmaceuticals fell by 1.6 percent to HK$67.70 in Hong Kong. In contrast, Guangdong Xinyaguang Cable, which produces wires and cables, surged by 301 percent to 29.50 yuan in Shenzhen. Elsewhere in Asia, markets were mixed. Japan’s Nikkei 225 gained 0.4 percent, and Australia’s S&P/ASX 200 was up by 0.2 percent, while South Korea’s Kospi decreased by 0.1 percent.