The Hang Seng slumped 138 points, or 0.6%, to close at 23,463 on Thursday (3/13), extending losses for a second session amid a broad-based rout. The tech index fell 1.7%, dragged down by Semicon Manufacturing (-4.9%), Meituan (-2.2%), and Alibaba Hlds. (-2.5%). Sentiment weakened as the Trump administration raised trade barriers, prompting retaliation from the EU and Canada. China also vowed to take all necessary steps to protect its interests. Consumer and property stocks fell sharply, as doubts grew over China's ability to meet its 5% GDP growth target for 2025, unchanged from 2024, despite deflation risks and trade uncertainties. On the corporate front, Budweiser APAC planned to cut jobs further, especially in China, to reduce costs. Limiting losses, US CPI data for February came in below expectations, strengthening the case for a Fed rate cut. Among the worst performers were Tongcheng Travel (-8.0%), Cathay Pacific Airways (-5.3%), Horizon Robotics (-5.2%), Prada Spa (-3.5%), and Anta Sports (-3.4%).(Newsmaker23)
Source: Trading Economics
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