Hong Kong stocks slumped to the lowest in nearly one month by midday on Monday following a global downward trend after US President Donald Trump said the reciprocal tariffs, due to be announced on Wednesday, would hit all countries.
The benchmark Hang Seng Index fell by 404 points, or 1.73 percent, to 23,022 points at noon. The loss narrowed to less than 30 points at one point in the morning trading session after falling 219 points at the opening bell.
The market turnover was HK$143.79 billion.
The Hang Seng Tech Index slid 3 percent, or 168 points, to 5,338 points at noon.
Shares of CK Hutchison (0001) dropped 3.65 percent to hK$43.50 after the local conglomerate said it has not yet made a decision on spinning off its global telecommunications business.
Chinese major state-owned banks showed mixed performance in Hong Kong following a recapitalization plan to raise 520 billion yuan (HK$557 billion).
China Construction Bank (0939) jumped 3.3 percent to HK$6.92 and Bank of China (3988) rose 2.4 percent to HK$4.70. But the Bank of Communications (3328) inched down 0.1 percent, as Postal Savings Bank of China (1658) fell 2 percent to HK$4.87.
The four lenders’ A-shares increased against the market.
In the mainland, the Shanghai Stock Exchange Composite Index declined 1 percent, or 32 points, to 3,318 points, and the Shenzhen Stock Exchange Composite Index lost 2 percent, or 41 points, to 1,984 points at midday.
STAFF REPORTER
The Hang Seng Index fell 404 points, or 1.73 percent, to 23,022 points at noon. Sing Tao
