Hong Kong stocks drop for fifth day as fears of trade-war fallout mount

The benchmark Hang Seng Index endures longest losing streak in two months amid tit-for-tat tariffs and countermeasures

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People walk outside Exchange Square in Central, home of the city’s bourse operator, on February 24, 2025. Photo: Reuters

Published: 10:14am, 13 Mar 2025Updated: 4:35pm, 13 Mar 2025

Hong Kong stocks fell for the fifth straight day on Thursday, marking the longest losing streak in two months, as investors worried about the global economy amid escalating trade-war risks.

The Hang Seng Index declined 0.6 per cent to 23,462.65 at the close, adding to a loss of 3.2 per cent since March 6. The Tech Index retreated 1.7 per cent. On the mainland, both the CSI 300 Index and the Shanghai Composite Index lost 0.4 per cent.

Sportswear brand Anta Sports slumped 3.4 per cent to HK$94.85, and peer Li Ning retreated 2.8 per cent to HK$17.24. Alibaba Group Holding tumbled 2.5 per cent to HK$131.50, and short-video platform Kuaishou Technology plunged 3.9 per cent to HK$63.30.

Trimming losses, smartphone and electric car maker Xiaomi added 1.5 per cent to HK$52.85, while BYD advanced 1.6 per cent to HK$360.80. Zijin Mining Group added 1.2 per cent to HK$16.28.

Developer Wharf Holdings slumped 4.7 per cent to HK$19.40 after losing as much as 8.8 per cent earlier in the biggest intraday decline since November 2022. The company reported a 22 per cent year-on-year decline in underlying profit to HK$2.8 billion in 2024.

US President Donald Trump said the US would respond to the European Union’s countermeasures against his new 25 per cent tariffs on steel and aluminium, escalating fears of recession risk globally.