Shares of Chinese food delivery giant Meituan plummeted by 5.26% on Wednesday, as Hong Kong stocks were hammered by investor concerns over the potential outcome of the U.S. presidential election.
The broader Hang Seng Index fell 2.2% during the trading session, with the tech-heavy index dropping 2.5%. Meituan was among the worst performers, closing at HK$215.20 after hitting an intraday low of HK$212.40.
The selloff in Hong Kong equities reflected international investors' worries about a second term for former President Donald Trump, which could bring about heightened trade tensions and policy surprises. Analysts warned that Trump's pro-growth policies, while potentially benefiting Asia, could be offset by threats of tariffs and a stronger U.S. dollar, both of which would be detrimental to the region's export-driven economies.
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