The Hang Seng Index slid 1.4 per cent to 23,238.80 as of 11.38am local time on Friday, set for the biggest loss since May 13. The Hang Seng Tech Index slumped 2.6 per cent. On the mainland, the CSI 300 Index the Shanghai Composite Index both retreated 0.3 per cent.
Shipping lines Orient Overseas sank 6.9 per cent to HK$134.80 and instant noodle maker Tingyi tumbled 4.7 per cent to HK$12.92. Alibaba Group Holding declined 4.2 per cent to HK$113.10 and Tencent Holdings slipped 2.2 per cent to HK$499.20, pacing losses among Chinese tech leaders.
The US Court of Appeals for the Federal Circuit in Washington on Thursday granted an order allowing the Trump administration to impose so-called reciprocal tariffs on national security reasons. A US federal court had earlier blocked the tariffs, saying President Donald Trump overstepped his authority in his punitive tariff plans.
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Trump says he can see himself dealing directly with Xi on US-China trade deal details
Trump says he can see himself dealing directly with Xi on US-China trade deal details
“Trump’s tariff approach now remains intact and unrestricted,” said Xiao Jinchuan, an analyst at Huaxi Securities. “Some investors may take some profits from the recent stock rebound.”
