Hong Kong stocks plummeted to a six-week low on Thursday as investors shifted away from the market in response to US President Donald Trump’s tariff announcement. The Hang Seng Index dropped 1.5% to 22,849.81, its lowest level since February 20.
The decline was not unique to Hong Kong, with global markets experiencing similar losses. Japan’s Nikkei 225 fell 2.7%, while South Korea’s Kospi retreated 0.8%. Australia’s S&P/ASX 200 also dropped 0.9%.
Tai Hui, a strategist at JPMorgan Asset Management in Hong Kong, warned that the tariffs raise concerns about growth risks and may dampen risk sentiment in the short term. Investors are increasingly focusing on safe-haven assets, such as government bonds, ahead of inflation concerns.
The Hang Seng Tech Index was also severely affected, slumping 2.1%. Financial markets will be closed in Hong Kong on Friday for a public holiday, providing no respite from the downturn.
Source: https://www.scmp.com/business/china-business/article/3304986/hong-kong-stocks-slide-6-week-low-trump-tariffs-exporters-tumble