Hong Kong stocks started the week on the back foot, as worries over US President Donald Trump's reciprocal tariffs triggered risk aversion in the local equities market.
The Hang Seng Index retreated 1.31%, or 307.02 points, to close Monday's session at 23,119.58. The Hang Seng China Enterprises Index declined 1.05%, or 89.96 points, to 8,516.55.
Trump signaled a broad imposition of reciprocal tariffs on "all countries," dashing hopes of a targeted approach on nations with significant trade imbalances with the US.
According to a Reuters report, Trump is set to announce a sweeping tariff plan on Wednesday, April 2, which he refers to as 'Liberation Day.'
This followed last week's escalation of global trade tensions, where the Trump administration unveiled plans to impose a 25% tariff on all imported vehicles and auto parts.
These trade concerns overshadowed positive Chinese factory activity data. The official NBS Manufacturing PMI came in at 50.5 in March, up from 50.2 in the month prior.
In corporate news, China Overseas Land & Investment (HKG:0688) closed more than 1% lower at market close, as it posted a profit attributable to owners of 15.6 billion yuan in 2024, down from 25.6 billion yuan in 2023.
Shares of CK Hutchison (HKG:0001) finished 3% lower on Monday after the Hong Kong conglomerate said it was considering spinning off its global telecom business.
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