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Hong Kong finance chief: ‘no drastic measures’ needed despite volatility – as it happened

Benchmark Hang Seng Index suffers its largest single-day loss since 1997, falling 3,021 points to 19,828, sparked by fears over effects of Trump’s tariffs

The Hang Seng Index had its worst one-day drop since 1997. Photo: Jelly Tse

Published: 6:09pm, 7 Apr 2025Updated: 1:42am, 8 Apr 2025

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Introduction

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Hong Kong’s stock market plunged on Monday along with others in the region after US President Donald Trump’s decision to impose hefty tariffs on the country’s trade partners rocked the world’s economic order.

The city’s benchmark Hang Seng Index suffered its largest single-day loss since 1997, falling 3,021 points to 19,828, its lowest level since January 23.

Financial Secretary Paul Chan meets the media. Photo: Sam Tsang

Following the rout, Financial Secretary Paul Chan Mo-po met the press in the evening to talk about how Hong Kong will cope with the trade crisis and the stock market slump. He said market resilience was strong.

“We will consistently push forward efforts on various fronts, with an expanding market and with more participants from different parts of the world, our market liquidity will be enhanced and the resilience is strong,” Chan said.

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Reporting by Denise Tsang, Emily Hung, Alfred Lam and Jess Ma.