The Hang Seng tumbled 236 points or 1.2% to end at 19,367 on Thursday, marking the first decline in three sessions amid escalating trade disputes between China and the US.
The Biden administration reportedly may introduce fresh curbs on sales of semiconductor equipment and AI memory chips to China next week. Meanwhile, US President-elect Trump's trade policies and their potential impacts remain uncertain, with China's state media warning of possibly severe repercussions.
In business news, media reports said BYD Co. and other Chinese automakers urged suppliers to cut prices, signaling heightened price competition.
Limiting further drops were hopes of significant support measures from Beijing for this year and next to mitigate global headwinds and stimulate economic growth.
Losses were broad-based, with consumers, tech, and property among the top losers. Some lagging stocks included Giant Biogene Hlds. (-6.5%), Akeso Inc. (-5.4%), H World Group (-4.2%), and China Resources Beer (-4.1%).
Source: Trading Economics
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