(Hong Kong) The Hang Seng Index opened down 625 points, or 2.67%, reaching 22,716 points. The Hang Seng China Enterprises Index fell 239 points, or 2.77%, to 8,379 points, while the Technology Index declined by 249 points, or 4.3%, to settle at 5,540 points.
Technology stocks faced significant selling pressure, with Tencent down 3.9%, Alibaba plunging 7.8%, Meituan falling by 3.9%, Xiaomi Group down 3.4%, JD.com declining 5%, and Kuaishou dropping 5.2%. Following its earnings report, Trip.com saw a decrease of 3.2%.
The financial sector also experienced a downward trend, though HSBC Holdings managed a slight increase of 0.2%. AIA Group fell 3%, Ping An of China dropped 1.8%, and Hong Kong Exchanges and Clearing saw a decline of 2.8%.
Asian equity markets dropped on Tuesday, following a weak lead from Wall Street, where technology and artificial intelligence stocks faced selling pressure. Concerns are mounting that the AI rally may be nearing its end, though some analysts believe the AI sector could continue to grow for years.
Market sentiment was further dampened after US President Donald Trump announced on Monday that tariffs on Canada and Mexico "will go forward" once the one-month delay period ends next week. Meanwhile, the Bank of Korea reduced its policy rate by 25 basis points to 2.75%, in line with expectations. The central bank also revised its growth forecast for the year down to 1.5%, from 1.9% in November's projection.
Source: Dimsumdaily.HK & Trading Economi
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