Market Updates
Hang Seng Index Dropped 2% Amid Renewed Trade Tensions and Weak New Home Sales In May
Li Chen
02 Jun, 2025
Hong Kong
Stock market indexes in Hong Kong dropped at the fastest pace in two months following the weaker-than-expected home sales and renewed trade tensions with the U.S.
The Hang Seng index decreased 2% after the U.S. president accused China of violating a verbal agreement in Switzerland without offering any concrete evidence.
Mainland China's financial markets were closed to celebrate the Dragon Boat Festival, and trading is scheduled to resume on Tuesday.
Moreover, markets were on the defensive after residential property sales for the largest 100 developers rose 3.5% in May, according to data released by China Real Estate Information Corporation.
Real estate sales generally pick up in May, but the increase was sharply lower than expected amid ongoing property market malaise and weak consumer sentiment.
China Indexes and Stocks
The Hang Seng index decreased 2.0% to 22,831.01, and the mainland China markets were closed for a holiday.
The Dragon Boat Festival and Children's Day converged on the same weekend for the first time since 2014, lifting domestic travel by more than 100% for certain popular destinations.
Sands China increased 2.6% to HK $15.82, and Galaxy Entertainment advanced 1.2% to HK $33.80.
Gambling revenue in Macau jumped 5% in May to a record high since January 2020, according to local authorities.
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