Hang Seng Falls 1.8%, Trump Tariff Sentiment Shakes
Hong Kong stocks fell sharply on Tuesday morning, with the Hang Seng down 489 points, or 1.8%, to 26,604. This decline mirrored the previous day's 2.5% rally, after Wall Street plunged overnight on concerns about new US trade policies following President Donald Trump's latest global tariffs following the Supreme Court ruling.
The market retreated from a two-week high, with corrections across sectors. Technology stocks fell more than 2% ahead of Nvidia's earnings report, while consumer discretionary and financial sectors also suffered after local data showed Hong Kong's poverty rate rose to 3.9% (the highest in more than three years) for the three months to January. Investors also awaited key releases this week, including Q4 GDP, January inflation, and Hong Kong trade data.
However, the Hang Seng's decline was offset by strengthening mainland Chinese markets after they reopened following the Lunar New Year holiday. A stronger Shanghai Composite helped cushion the pressure, while the People's Bank of China (PBOC) kept the Loan Prime Rate at a record low for the ninth consecutive month. Some of the most depressed stocks included Tencent Music (-4.3%), Laopu Gold (-3.9%), Pop Mart (-3.4%), and SMIC (-1.8%). (asd)
Source: Newsmaker.id
