The Hang Seng plunged 530 points, or 2.2%, to close at 23,690 on Friday (3/21), marking its second straight decline amid sharp declines across all sectors. The index fell 1.1% for the week, extending its decline to two weeks, as rising profit-taking in technology stocks and caution ahead of upcoming Chinese corporate earnings weighed on sentiment. Semiconductor Manufacturing dropped 7.1% to a one-month low, while Kuaishou Tech (-5.4%), Alibaba Group (-3.5%), and Tencent (-2.0%) also fell sharply. Consumer, property and financial stocks also fell, as China's newly announced "special action plan" to boost consumption and stabilize markets lacked new details. Meanwhile, U.S. futures prices moved lower after President Trump confirmed broad-based tariffs and additional sector-specific levies would take effect on April 2. Apart from tech, major decliners included Zhejiang Leapmotor (-8.), CK Asset (-5.9%), Innovent Biologics (-5.2%), and Geely Auto (-4.6%).
Source: Trading Economics
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