my NEWS Hong Kong stocks hit by geopolitics as China’s biotech companies in US Senate’s cross hairs US lawmakers advanced a bill that aims to prohibit contracting with certain biotechnology providers connected to ‘foreign adversaries’ JD.com and BYD gain after unveiling share buy-back programmes The Hang Seng Index lost 2.5 per cent to 16,190.34 in afternoon trade, after gaining as much as 0.5 per cent earlier in the day. The Tech Index lost 2.5 per cent and the Shanghai Composite Index edged down 0.4 per cent. The city’s benchmark index has declined 1.4 per cent so far this week, following the 6.6 per cent jump last month, as investors fretted about the lack of strong fiscal stimulus package during the “two sessions”, China’s annual parliamentary meeting, and remain concerned about the growth trajectory of the world’s second largest economy. “Market intervention is never a good sign. It creates a false bottom for Chinese equities,” said Seng Liew, director at Emerging Markets Investors Alliance. Other Asian markets were mixed. Japan’s Nikkie 225 lost 1.2 per cent after the yen strengthened to the highest level in a month against US dollar. Australia’s S&P/ASX 200 added 0.4 per cent while South Korea’s Kospi Index gained about 0.2 per cent after Fed Chair Powell said the central bank will begin dialling back policy restraints at some point this year.
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