Hang Seng Reverses Early Gains to Close Lower
The Hang Seng fell 44 points or 0.2% to end at 21,814 on Thursday, reversing early advances as global trade uncertainty weighed on sentiment.
India reportedly is mulling a temporary tax of 15% to 25% on Chinese steel within six months to protect its domestic industry. In the US, President Trump could impose reciprocal tariffs as soon as Wednesday evening on countries that levy duties on US imports. Markets dropped from a four-month high, notched the day before, as fears emerged that hot US inflation may limit the Fed’s ability to cut interest rates this year.
Uncertainty also lingered over potential Ukraine-Russia peace talks, despite Trump’s calls with both leaders. Property (-1.4%) and tech (-1.3%) stocks slipped the most, with consumers also moving lower. BYD Electronic (-8.0%) led losses, followed by Xiaomi Corp. (-6.0%), Lenovo (-5.5%), and Semicon Manufacturing (-3.9%). By contrast, Hong Kong Alibaba jumped 2.6% after CEO Joe Tsai's confirmation of an AI partnership with Apple.
Source: Trading Economics
