The Hang Seng slipped 284 points or 1.2% to finish at 23,290 on Friday, pulling back from a strong session the day before. The tumble followed a U.S. federal court's decision to temporarily reinstate tariffs imposed by President Trump, reversing an earlier trade court ruling that had blocked them.
At the same time, China's official May PMI, due over the weekend, kept markets cautious amid concerns over fragile factory activity. Meantime, U.S. Treasury Secretary Bessent said that trade talks with China were "a bit stalled" and may require a direct push from Trump and Xi.
Most sectors fell, led by sharp losses in tech and consumers. Auto stocks extended losses on continued price war fears, with BYD down 3.6%. Other decliners included Orient Overseas (-6.9%) and Techtronic Inds. (-4.5%).
Still, the index gained 5.3% for the month, buoyed by strong IPO momentum in Hong Kong. Over 150 companies reportedly are in the pipeline to list in the city, with many targeting IPOs above $1 billion.
Source: Trading Economics
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