Market Updates
Hong Kong Stocks Drop 2% as Goods from China Face Higher Tariffs Under Trump Administration
Li Chen
06 Nov, 2024
Hong Kong
Stock market indexes in China and Hong Kong traded volatile as the U.S. presidential election results rolled in.
The Hang Seng index dropped 2% and the mainland-focused CSI 300 index advanced a fraction as investors attempted to understand broad implications of the U.S. election results.
Vice President Kamala Harris is trailing in the key battleground states of Michigan, Wisconsin, and Pennsylvania, which could tip the election in favor of former president Donald Trump.
Regardless of who wins the White House and control of the U.S. Congress, China's exports are likely to face higher tariffs and additional trade barriers for goods shipped routed through Vietnam and Mexico.
The Hang Seng index has advanced 27% between the announcement of stimulus measures on September 11 and October 7, but the market index has lost about 9% since then.
The Standing Committee of the People's National Congress is set to approve raising the government debt ceiling, which will pave the way for the previously announced fiscal measures to support local government finances.
China Stock Movers
The Hang Seng index declined 2% to 20,588.66, and the CSI 300 index increased 0.2% to 4,051.35.
Tech stocks traded down in Hong Kong amid a broad selloff in Chinese stocks.
Alibaba Group declined 3.4% to HK $95.10, JD.com fell 3.9% to HK $152.50, and Tencent Holdings fell 1.7% to HK $420.40.
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