Hong Kong, mainland stocks drop as Trump unveils sweeping tariffs

Hong Kong stocks dropped 352 points on Thursday as a fresh round of aggressive US tariffs escalated a global trade war.

The benchmark Hang Seng Index fell 1.52 percent to 22,849 points. 

The Hang Seng China Enterprises Index dropped 111 points, or 1.3 percent, to 8,420, while the Hang Seng Tech Index slid 113 points, or 2.09 percent, to 5,313. 

The main board turnover was HK$289.49 billion.

Tech stocks saw mixed performance. Tencent (0700) fell 1.2 percent to HK$497.80, while Alibaba (9988) dropped 5 percent to HK$123.50. Meituan (3690) edged up less than 0.1 percent to HK$157.90, as Xiaomi (1810) gained 3 percent to HK$45.90, and JD.com (9618) declined 5.2 percent to HK$153.50. Kuaishou Technology (1024) lost 2.2 percent to HK$56.20, while Semiconductor Manufacturing International Corporation (0981) rose 0.8 percent to HK$45.05.

Financial stocks trended lower. HSBC (0005) fell 2.2 percent to HK$86.10, AIA (1299) dropped 0.9 percent to HK$59.65, Ping An Insurance (2318) declined 1.6 percent to HK$46.90, and Hong Kong Exchanges and Clearing (0388) slid 2.1 percent to HK$346.40.

Gold prices once hit a new high, boosting some gold-related stocks. Zhaojin Mining Industry (1818) rose 1.1 percent to HK$15.06, Shandong Gold Mining (1787) gained 1.8 percent to HK$18.52, and Chifeng Jilong Gold Mining (6693) surged 11.4 percent to HK$18.00.

In the mainland, the Shanghai Composite Index opened nearly 1 percent lower before briefly turning positive in the morning session, but closed the day 0.24 percent lower at 3,342 points. The Shenzhen Component Index fell 1.4 percent, or 147 points, to 10,365 points.

STAFF REPORTER