Hong Kong stocks dip as US tariff salvo rears its head

Hong Kong stocks opened lower on the first trading day in the Year of the Snake, dragged down by the Trump administration’s additional 10 percent tax on Chinese goods.

The benchmark Hang Seng Index opened 176 points or 0.87 percent lower at 20,048 points.

The Hang Seng Tech Index was down by 0.51 percent to 4,699 points.

US President Donald Trump had said that the 10 percent tax, alongside a levy of 25 percent on Canadian and Mexican imports, would come into force on Tuesday.

Meanwhile, Macau gaming stocks fell across the board after Macau gaming revenue recorded a year-on-year decline for the second consecutive month – down 5.6 percent in January and 2 percent in December.

Sands China (1928) declined by 4.8 percent and Galaxy Entertainment Group (0027) dropped 5.4 percent.

CICI CAO