Hong Kong stocks drop for fifth day as trade-war fears mount
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.
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The Hang Seng Index declined 0.3 per cent to 23,520.73 as of 9.45am local time, adding to a loss of 3.2 per cent since March 6. The Tech Index retreated 0.8 per cent. On the mainland, the CSI 300 Index edged up 0.1 per cent, while the Shanghai Composite Index lost 0.1 per cent.
Sportswear brand Anta Sports slumped 1.5 per cent to HK$96.65. Insurance firm AIA fell 1.2 per cent to HK$63.05, and peer Ping An tumbled 0.4 per cent to HK$46.90. Alibaba Group Holding slipped 0.7 per cent to HK$133.80, and internet and video-gaming firm NetEase lost 0.2 per cent to HK$162.70.
Gains in Chinese car makers tempered losses, as Li Auto jumped 2.9 per cent to HK$115.50, peer BYD added 1.2 per cent to HK$359.20 and Geely Auto increased 0.6 per cent to HK$17.62. PC producer Lenovo Group advanced 0.7 per cent to HK$11.72.
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.
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Major Asia-Pacific markets were mixed. Both Japan's Nikkei 225 and South Korea's Kospi added 0.8 per cent, while Australia's S&P/ASX 200 lost 0.1 per cent.
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