The Hang Seng plunged 331 points, or 1.4%, to close at 24,035 on Thursday, reversing gains from the previous session amid a plunge in U.S. futures following President Trump's threat of new tariffs. This came just a day after China and the U.S. struck a positive tone in talks to ease tensions.
Trump said letters detailing the terms of a new trade deal would be sent to countries within weeks, which they could either accept or reject. The market retreated from a nearly three-month high, with all sectors down as traders locked in profits. Sentiment also turned cautious ahead of U.S. PPI data later in the day, after a weaker-than-expected CPI reading in May, although inflation is expected to pick up in the coming months.
On the corporate front, Kingsoft Cloud's CFO will step down on June 30. Horizon Robotics fell 3.9% after announcing a HK$4.67 billion fundraise by existing shareholders. Other notable losers included Kuaishou Tech (-6.1%), Xiaomi (-3.6%), SMIC (-2.2%), and Geely Auto (-2.8%).(alg)
Source: Trading Economics
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