Kuaishou Technology (01024.HK) saw its stock price plummet by 5.08% in intraday trading, as Hong Kong's technology sector faced significant pressure. The sell-off came amid broader market concerns over potential US tariffs and geopolitical tensions.
The Hang Seng Tech Index declined by 2.4%, with several major tech companies experiencing notable drops. Kuaishou's decline was part of a larger trend, with peers such as Nio and Xiaomi also falling by around 4%. Industry giants Alibaba and Tencent were not spared, both declining by approximately 3%.
Investor sentiment has been dampened by US President Donald Trump's announcement of plans to implement reciprocal tariffs on "all countries" starting April 2, which he dubbed "Liberation Day." This move, coupled with the possibility of secondary tariffs on Russian oil, has heightened concerns about global trade tensions and their potential impact on tech companies with international operations. Despite positive news about China's manufacturing expansion and efforts to recapitalize the banking sector, these geopolitical worries seem to be overshadowing any potential optimism in the market.
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