Hang Seng Drops Over 2% Amid Trump Election Lead
The Hang Seng plunged 479 points or 2.2% to finish at 20,538 on Wednesday, erasing gains from the previous session as concerns mounted over a potential Donald Trump victory in the US presidential election, which could escalate trade tensions between Beijing and Washington. The index retreated from a two-week high as investors vigilantly anticipated the US Fed's upcoming interest rate decision. Additionally, with China's legislative session concluding on Friday, the likelihood of new stimulus measures remains uncertain.
On the economic front, Chinese trade data will be due the following days after exports in September grew the least in five months while imports were subdued. Broad-based losses were observed, with the tech sector dipping around 2.5%, due to ongoing disputes over electric vehicle policies with the EU. Notable stock declines included Miniso Group (-5.8%), Shenzhou International (-5.4%), Sunny Optical Tech. (-5.1%), Zhaojin Mining Industries (-4.4%), and Meituan (-3.2%).
Source: Trading Economics