The Hang Seng dipped 352 points or 1.5% to end at a one-month low of 22,850 on Thursday, pressured by broad-based sector losses. Concerns over a deepening trade dispute with the U.S. intensified, with China vowing "resolute" retaliation against bigger-than-expected Trump latest tariffs.
The U.S. imposed an additional 34% levy on Chinese imports on top of a 20% tariff introduced earlier this year. Meanwhile, U.S. futures plunged sharply, fueled by fears that escalating trade tensions could complicate central banks' efforts to cut interest rates.
Tech stocks led the decline, falling around 2%, followed by consumer and financial sectors. Losses were limited by hopes that China would introduce more stimulus measures aimed at boosting consumption to offset tariff impacts.
Chinese e-commerce stocks listed in the city saw a slump, notably Alibaba (-5.1%) and JD.com (-5.0%). Other major decliners included Shenzhou Intl. (-13.7%), Techtronic Inds. (-12.6%), and BYD Electronic Intl. (-8.7%).
Source: Trading Economics
