Hang Seng Under Pressure at Finish
The Hang Seng tumbled 319 points or 1.4% to close at 23,282 on Monday, erasing gains from the previous session as losses spread across consumer, tech, and financial sectors.
The selloff followed remarks by U.S. President Trump, who threatened a 25% tariff on iPhones not made in the U.S.—later adding Samsung would face similar treatment. iPhone supplier Luxshare slipped 0.2%. BYD tumbled 9% after launching steep discounts in a recent promotion, dragging down other EV makers: Geely Auto (-8.6%), Li Auto (-4.0%), NIO (-3.5%), and Xpeng (-4.4%).
Caution also grew ahead of China's industrial profits data for April. Further declines were partially offset by a rally in U.S. futures after Trump delayed the start of his proposed 50% tariffs on EU goods to July 9 from June 1. Strong IPO momentum in Hong Kong also helped cushion losses.
Financial Secretary Paul Chan said fundraising has reached HKD 76 billion so far in 2025—seven times higher than a year earlier and nearly 90% of 2024’s total.
Source: Trading Economics
