Hong Kong Stocks Snap Three-Day Rally; Automakers Slide

MT Newswires Live02-11

Hong Kong stocks fell on Tuesday after three consecutive sessions of gains as sentiment soured due to escalating US tariffs.

The Hang Seng Index slid 1.06%, or 227.12 points, to close at 21,294.86. The Hang Seng China Enterprises index fell 1.31%, or 104.09 points, to end at 7,842.72.

Shares of Hong Kong-listed Chinese automakers tumbled after US President Donald Trump hinted at import duties on cars, South China Morning Post reported.

Geely Automobile (HKG:0175) led decliners with an over 10% fall, followed by Great Wall Motor (HKG:2333, SHA:601633) and Li Auto (HKG:2015) with a 7% and nearly 6% decline, respectively.

The development came a day after Washington announced 25% tariffs on all steel and aluminum imports, in addition to the 10% duty on Chinese goods.

The Trump administration may also announce reciprocal tariffs on countries that have imposed duties on imports from the US, according to the SCMP report.

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