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The Hang Seng Index took a sharp dive on Wednesday, dropping 409 points or 1.9%, closing at 21,057, ending its six-session winning streak. The selloff came as US futures plunged and market sentiment soured due to increasing uncertainty surrounding US trade tariffs.
Investor anxiety grew following Morgan Stanley and UBS cutting China’s growth forecast for 2024, primarily due to the ongoing tariff pressure. Goldman Sachs also highlighted that earlier export frontloading may weigh heavily on Q2 growth.
Despite China’s economy expanding by 5.4% YoY in Q1, surpassing the expected 5.1%, the market took a hit as tech stocks bore the brunt of the sell-off, with the sector plummeting 3.7%. Nvidia disclosed a potential $5.5 billion charge linked to new US export restrictions on its H20 AI chips, while major tech players like Alibaba and Tencent fell by 4.1% and 2.6% respectively.
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The Hang Seng trimmed some losses after Premier Li Qiang pledged stronger efforts to stimulate domestic consumption and demand. However, stocks like Meituan (-7.4%), Kuaishou Tech. (-4.6%), Wuxi Biologics (-4.5%), and Xiaomi (-4.4%) remained among the hardest hit.
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