Where does Hang Seng Index's 13% slump rank among other major crashes?
Advertisement
How bad was the slump?
The Hang Seng Index sank 13.2 per cent to 19,828.30, but the decline was far worse than those seen in other Asian markets, which slumped between 4 and 8 per cent.
While the decline wiped off the benchmark's near 15 per cent gain in the first quarter, the gauge has lost more than 20 per cent from a recent peak, dragging it into a technical bear market.
The fall came after China on Friday imposed a tit-for-tat 34 per cent tariff on US goods following US President Donald Trump's 'Liberation Day' package on Tuesday against all its trading partners, including exports from Hong Kong and China to the US.
Advertisement
'There was pent up selling pressure after a public holiday on Friday in Hong Kong and mainland China,' said lawmaker Robert Lee Wai-wang, who is also the chairman of Hong Kong-based Grand Finance Group.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
11 minutes ago
- South China Morning Post
Groups seek 30% pay rise for Hong Kong domestic helpers to HK$6,500 a month
A coalition of domestic worker unions has demanded an immediate 30 per cent pay rise for Hong Kong's 370,000 helpers to HK$6,500 (US$833) a month and for their food subsidy to be doubled. Advertisement The Hong Kong Federation of Asian Domestic Workers Unions on Sunday blamed current government policy for having left many helpers in a 'hungry and malnourished' condition. Federation representatives raised the demands at a meeting with Labour Department officials. 'The value of our work and our contribution to the economy has to be reflected in our wages,' federation chairwoman Phobsuk Gasing said. 'So many women in Hong Kong are able to pursue their careers because we take responsibility for household duties and care work. Inflation affects our families too, and token adjustments to the [minimum wage] are insulting. 'It is basically like almsgiving.' Advertisement The minimum wage for foreign domestic helpers was raised to HK$4,990 a month last year, up from HK$4,870. Employers must provide their helpers with free food or they can choose to pay an allowance of not less than HK$1,236 a month instead.
South China Morning Post
an hour ago
- South China Morning Post
Do not equate William Lai and the DPP with Taiwan democracy
Like most people everywhere, Taiwanese worry about jobs, their livelihoods and, if they run a business, the direction of the economy. So Donald Trump's universal tariff war may be of some concern or at least interest to most of them. That's because it's been clear for some time that the US president doesn't distinguish between friend and foe when it comes to imposing duties on your exports to his country. In fact, if you are a traditional American ally or friend, he is likely to be even harsher because it makes you an easy mark for bullying. And so the island's leader William Lai Ching-te 'temporarily breathed a sigh of relief after learning that its exports to the United States will face a 20 per cent tariff – lower than the initially feared 32 per cent.' Well done, what an achievement! Even the much-despised European Union gets 15 per cent tariffs. And Taiwan is supposed to be the global hub of democracy where America is ready to spill its own blood to defend? No wonder Lai gets such dismal approval ratings The problem is that only now, at the last minute, Lai and his independence-seeking Democratic Progressive Party (DPP) make negotiating trade terms with Washington top of the island's news agenda. Before, while every other major government around the world was prioritising trade negotiations to minimise the economic damage coming from Washington, Lai was busy touring the island to warn against mainland China's existential threat. He has declared the mainland 'a foreign hostile force', showed off heavy American weapons like Abrams tanks, promoted urban warfare drills, and rewrote the history of the Republic of China (the island's official name) to deny its historical roots in the mainland. Then came la piece de resistance: the mass recall vote against opposition lawmakers. Through a quirk of the electoral system, you could recall legislators and run by-elections to replace them if there are enough voters to support the effort.
South China Morning Post
4 hours ago
- South China Morning Post
Hong Kong leader John Lee in safety pledge over bottled water deals
Hong Kong leader John Lee Ka-chiu has pledged to maintain safety as he weighed in on a deal to buy mainland Chinese brands of bottled water for some government offices that will save taxpayers HK$16 million a year. Advertisement Lee also said on Sunday that water samples would be checked regularly and the government would cancel the contracts if standards were not met. 'For drinking water, we attach much importance to safety. It is reflected in our tendering process,' he said. 'Anyone who places a bid must produce a certification of water quality issued by an independent laboratory. Our system also requires the supplier to submit certification from time to time, not only during the tendering process. 'We will also take water samples for regular checks. If we find that [the water quality] does not meet our standards, we can immediately end the contractual relationship with [the supplier].' Advertisement Lee said the government would not compromise on water quality and he was confident that the prevailing system had been effectively and stringently enforced.
