Hong Kong stocks surrender 3.2% in 4-day slide as Trump tariffs stoke tensions

Name: Trump says tariffs on Chinese imports will double to 20% and take effect on March 4
Uploaded: 2025-03-12T02:47:31.000Z
Duration: 2 min 3 s
Description: Trump says tariffs on Chinese imports will double to 20% and take effect on March 4

Stocks capped the longest losing streak in two months even as Citigroup, Goldman retained their bullish views on Chinese equities

Reading Time:2 minutes

Why you can trust SCMP

People walk past an electronic board showing the Hang Seng Index in Hong Kong. Photo: AFP

Yulu Ao

Published: 10:47am, 12 Mar 2025Updated: 4:51pm, 12 Mar 2025

Hong Kong stocks declined for a fourth day as worries about global trade wars pushed some markets closer to a technical correction, even as banks including Citigroup and Goldman Sachs retained their bullish views on Chinese equities on valuation appeal.

The Hang Seng Index fell 0.8 per cent at 23,600.31 on Wednesday, bringing the losses since March 6 to 3.2 per cent. The Hang Seng Tech Index tumbled 2 per cent. The Shanghai Composite Index dropped 0.2 per cent.

PC maker Lenovo Group sank 7 per cent to HK$11.64 while developer Wharf Reic slumped 4 per cent to HK$19.64 and e-commerce platform operator JD.com lost 2.1 per cent to HK$156.70.

Gains in Chinese car makers tempered losses, as BYD advanced 1.4 per cent to HK$356 and Geely Auto climbed 1.6 per cent to HK$17.52. Alibaba Group Holding added 0.9 per cent to HK$134.80 as the firm made further inroads into the artificial intelligence field.

02:03

Trump says tariffs on Chinese imports will double to 20% and take effect on March 4

The Hang Seng Index’s four-day losing streak is the longest stretch in two months. Sell-offs in the US and Australian markets have dragged some key stock indices to almost 10 per cent, or a technical correction.