Hong Kong stocks closed lower. The Hang Seng Index fell 1.2%, the Hang Seng Technology Index fell 1.7%.

MNSO up 8%; Laopu Gold, XPeng up 6%; Pop Mart up 3.3%; Alibaba, Li Auto fell 3%; Xiaomi fell 2%; Tencent, BYD, Meituan fell 1%.

“The market is likely to trade sideways, and fundamentally speaking it’s not supportive for a new bout of bull run,” said Lin Yang, an analyst at Dongxing Securities in Shanghai. “The fundamentals, such as economic strength and earnings, are still cloudy and the concerns in the market are still there.”

Hong Kong stocks’ rebound from tariff-inflicted sell-offs may face some challenge, as investors shift their focus to economic strength and corporate earnings. China’s key sets of economic data were mixed in April, with retail sales stagnating and industrial production picking up, while the declines in housing prices continued. Alibaba, the biggest weighting on the Hang Seng Index, posted quarterly revenue and profits that both fell short of projections last week.