The Hang Seng plunged 777 points, or 3.3%, to close at 22,941 on Friday, falling for a second day after the U.S. slapped 10% tariffs on Chinese imports, adding to the 10% tariffs imposed on Feb. 4 to bring the total to 20%. In response, China vowed to take all "necessary" countermeasures, further escalating tensions between the two countries.
The market extended its decline from a three-year high, down 2.3% weekly, as losses hit all sectors. The tech index plunged 5.3% after Nvidia's disappointing earnings, prompting profit-taking in stocks such as Horizon Robotics (-14.0%), Sunny Optical Tech. (-8.3%), Meituan (-6.7%), and Tencent Holdings (-3.5%).
Property, financials and consumer discretionary also fell sharply, weighed down by concerns over China's official PMI data due Saturday. However, the benchmark index surged 13.4% in February, marking its third monthly gain, amid optimism that China's Two Sessions meeting next week will unveil new policy measures to boost the economic recovery.
Source: Trading Economics
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