Hong Kong stocks struggled around the 23,400-point level in the afternoon session on Thursday, though BYD (1211) hit a new all-time high.
The market benchmark Hang Seng Index closed at 23,453 points – up 187 points or 0.79 percent, with the day's range between 23,371 and 23,710 points.
The full-day main board turnover shrank nearly 10 percent to HK$200.21 billion from the previous day.
The Hang Seng Tech Index lost 1.56 percent to 5,297 points and the Hang Seng China Enterprises Index slid 0.97 percent to 8,509 points.
Chinese electric vehicle giant BYD defied the market fall by climbing 1.4 percent to HK$420.40 apiece, a new high since its listing. The company will unveil new batteries in Shenzhen on Saturday.
Geely Automobile (0175) also closed 2.3 percent higher after reporting that its first-quarter net profit jumped 2.6 times from one year ago, though shares of other EV makers dipped.
Alibaba (9988), which was scheduled to reveal its results for the first three months of the year, dipped 1.15 percent to HK$128.90 ahead of the announcement.
In mainland China, the Shanghai Composite Index fell 0.68 percent to 3,380 points and the Shenzhen Component Index dropped 1.62 percent to 10,186 points.
However, Goldman Sachs raised its 12-month target of the CSI 300 Index to 4,600 points, indicating a 17.7 percent increase from today’s close of 3,907 points, while maintaining the rating of “buy” for Chinese equities, citing the benefits from the eased Sino-US trade tension.
Taosha Wang, a fund manager at Fidelity International, opted for US equities in the near term, citing the reignited optimism from the 90-day Sino-US trade ceasefire.
STAFF REPORTER
