Hang Seng drops 1.3% amid U.S. chip curbs and China stock sell-off
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Market Performance
The Hang Seng Index (HSI) fell 1.32%, losing 307 points to close at 23,034.
This marks its second consecutive day of decline.
Key Market Drivers
The Trump administration pushed for stricter U.S. chip curbs, urging allies to tighten restrictions on China’s semiconductor industry.
The Nasdaq Golden Dragon China Index plunged 5.2% overnight, its worst single-day loss since October, triggering profit-taking in Chinese stocks.
Investors remain cautious ahead of China’s official February PMI data this weekend, with expectations of subdued readings after the Lunar New Year.
Sector and Stock Performance
Markets pulled back from their three-year highs, with technology stocks leading losses.
Alibaba Holdings dropped 3.6%, while Baidu fell 3.9%.
Other major laggards:
Trip.com (-11.8%);
UBTech Robotics (-6.1%);
SenseTime Group (-5.7%);
Alibaba Health Information (-5.4%);
Outlook and Market Sentiment
Investors are closely monitoring China’s economic data and global trade tensions, which could drive further volatility in the coming sessions.
The Hang Seng Index (HSI) fell 1.32%, losing 307 points to close at 23,034.
This marks its second consecutive day of decline.
Key Market Drivers
The Trump administration pushed for stricter U.S. chip curbs, urging allies to tighten restrictions on China’s semiconductor industry.
The Nasdaq Golden Dragon China Index plunged 5.2% overnight, its worst single-day loss since October, triggering profit-taking in Chinese stocks.
Investors remain cautious ahead of China’s official February PMI data this weekend, with expectations of subdued readings after the Lunar New Year.
Sector and Stock Performance
Markets pulled back from their three-year highs, with technology stocks leading losses.
Alibaba Holdings dropped 3.6%, while Baidu fell 3.9%.
Other major laggards:
Trip.com (-11.8%);
UBTech Robotics (-6.1%);
SenseTime Group (-5.7%);
Alibaba Health Information (-5.4%);
Outlook and Market Sentiment
Investors are closely monitoring China’s economic data and global trade tensions, which could drive further volatility in the coming sessions.