Hang Seng Falls on Chinese Retaliatory Tariffs on US Goods

MT Newswires Live04-07

The Hang Seng Index plunged during Monday's morning trading following a three-day weekend after Beijing announced retaliatory tariffs of as high as 34% on US goods.

The index plunged by as much as 10% to 20,533.09 at about 9:50 a.m. from the previous close of 22,849.81 on Thursday.

Hong Kong and Chinese markets were closed Friday for the Qingming or the Tomb-Sweeping Festival.

Tech stocks such as Sunny Optical (HKG:2382) plunged 17%, while Alibaba (HKG:9988) fell by up to 14% and Baidu (HKG:9888) declined 12% during Monday's morning trade.

The rest of Asia's stocks opened with a sharp fall as well due to the tariffs imposed by US President Donald Trump last week.

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