Hong Kong stocks ended a six-day winning streak by falling 2 percent on Wednesday despite China’s better-than-expected economic data, as concerns linger following the United States’ ramping up tariffs to as high as 245 percent on Chinese goods.
The benchmark Hang Seng Index ended at 21,056 points, 409 points or 1.9 percent lower than Tuesday’s close. The main board turnover rebounded to HK$220 billion.
The indicator once hit as low as 20,868 in the morning session, the lowest since April 11.
The Hang Seng Tech Index dipped further on Wednesday by 3.72 percent to 4,796.
Xiaomi (1810), the most traded stock, slid 4.29 percent amid rumors that the company’s new electric sedan YU7 will be absent from the upcoming auto exhibition in Shanghai.
Meituan (3690) remains the worst-performing blue chip stock, losing 8.1 percent. Semiconductor Manufacturing International (0981) fared better, edging up 0.11 percent.
In mainland China, the Shanghai Composite Index inched up 8 points, or 0.26 percent, to 3,276 while the Shenzhen Component Index dipped 83 points, or 0.85 percent, to 9,774.
The White House reiterated in an April 15 statement that China now faces tariffs of up to 245 percent for all goods shipped to the United States, after imposing an additional 145 percent duty – an equivalent tariff of 125 percent on top of 20 percent linked to the issue of fentanyl – citing the countermeasures taken by the world’s second-largest economy.
STAFF REPORTER
