Hong Kong stocks tumbled to their lowest in nearly one month 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 over 420 points at one point to 23,002 in afternoon trade before paring some of the losses.
It declined 307 points, or 1.3 percent, to 23,119 on Monday.
The market turnover was HK$257.33 billion.
Shares of Xiaomi (1810), Tencent (0700), Alibaba (9988), Meituan (3690), and JD.com (9618) all dropped by more than 2 percent.
The Hang Seng Tech Index slid 2 percent, or 111 points, to 5,394 points.
Shares of CK Hutchison (0001) dropped 3.1 percent to HK$43.75 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).
Shares of China Construction Bank (0939) rose 2.7 percent to HK$6.88, as Bank of China (3988) went up 2.2 percent to HK$4.69, and Bank of Communications (3328) inched up 0.3 percent to HK$6.96. But Postal Savings Bank of China (1658) fell 3.2 percent to HK$4.81 apiece.
In March, the Hang Seng Index edged up nearly 1 percent in its fourth consecutive month of rise. But the tech gauge declined by over 3 percent in the month, snapping a three-month rising streak.
STAFF REPORTER
The Hang Seng Index declined 307 points, or 1.3 percent, to 23,119. Sing Tao
