Hong Kong stocks trade sideways as investors focus on economic data, earnings

The Hang Seng Index fell 0.3 per cent to 24,829.46 as of 11.05am local time. The Hang Seng Tech Index dropped 0.9 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index gained at least 0.2 per cent.

Short-video platform operator Kuaishou Technology dropped 2.5 per cent to HK$76.75 and Alibaba Group Holding fell 1.4 per cent to HK$116.90. Tencent Holdings retreated 0.3 per cent to HK$559.50 before its interim report on Wednesday. Zijin Mining Group lost 0.2 per cent to HK$22.82, as gold prices fell after US President Donald Trump said that bullion imports would not be taxed. Limiting the losses, car dealer Zhongsheng Group jumped 6 per cent to HK$14.55 and BYD Electronic International advanced 3.3 per cent to HK$39.96.

Investors took the tariff-extension news in their stride, as the outcome was in line with expectations. US President Donald Trump on Monday signed an executive order extending the tariff truce with China by 90 days until November 10, while China also made a similar statement.

The extension of the trade tariff deadline did not come as a surprise to the financial markets as investors had already assumed the deadline would be extended, said Zhang Zhiwei, the chief economist at Pinpoint Asset Management in Hong Kong.