Hong Kong stocks slide with Asian markets, Nasdaq on heightened recession risks
Regional markets slipped following an overnight US$1 trillion sell-off in the Nasdaq 100 Index of America’s biggest tech companies
The Hang Seng Index declined 0.9 per cent to 23,562.09 at the local noon trading break on Tuesday, adding to a 1.9 per cent loss on Monday and a 0.6 per cent setback on Friday. The Hang Seng Tech Index slipped 0.7 per cent. The CSI 300 Index fell 0.5 per cent and the Shanghai Composite Index of onshore stocks both declined 0.5 per cent.
Japan’s Nikkei 225 slid almost 2 per cent while South Korea’s Kospi Index lost 1.2 per cent and Australia’s S&P/ASX 200 Index slipped 0.5 per cent. The MSCI Asia-Pacific ex-Japan Index, which tracks major markets outside Japan, lost 1.2 per cent.
Alibaba Group Holding tumbled 2 per cent to HK$131.80 and e-commerce peer JD.com weakened 3.1 per cent to HK$157.30. WeChat operator Tencent Holdings declined 0.9 per cent to HK$512 while search-engine operator Baidu retreated 1 per cent to HK$91.05. Limiting losses, Kuaishou Technology surged 1.4 per cent to HK$64 and Li Auto gained 0.6 per cent to HK$111.20.
02:36
China hits back at Trump with reciprocal tariffs, sanctions on US firms
Stocks slumped on heightened recession fears. US President Donald Trump hit China and other US trade partners with higher tariffs and threatened more punitive measures, prompting retaliation. The Nasdaq 100 of America’s biggest tech stocks crashed almost 4 per cent overnight, erasing US$1.1 trillion of value in the worst sell-off since 2022, according to Bloomberg data.
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