Enn Energy, Galaxy Entertainment, and Trump’s China Tariffs Weigh on Hong Kong Stocks
Enn Energy and Galaxy Entertainment Impacted by Trump's Tariffs
Hong Kong stocks plunged on Monday following U.S. President Donald Trump’s announcement of tariffs on Chinese goods, resulting in a 1.8% drop in the Hang Seng Index to 19,853.62.
This market downturn marked the sharpest decline in a month. The Hang Seng Tech Index also fell, dropping 2.4%.
Sector Performance
- Tech giant Baidu down 6.8% to HK$81.80
- Electric vehicle maker Li Auto down 5.7% to HK$86.70
- Clean energy distributor ENN Energy down 3.7% to HK$50.60
- Casino operator Sands China down 4.7% to HK$17.72
- Galaxy Entertainment declined 5.1% to HK$31.55
Resilient Stocks
- Semiconductor Manufacturing International Corporation (SMIC) up 5.1% to HK$39.95
- Alibaba up 3.1% to HK$91.05
In response to these tariffs, which include 10% on Chinese goods and 25% on Canadian goods, the U.S. Federal Reserve upheld its key interest rate, maintaining market expectations.
As the situation unfolds, China's Commerce Ministry declared intentions to challenge this move at the World Trade Organization.
Global sentiment remains cautious, with major Asian markets, including Japan and South Korea, registering losses amid escalating trade tensions.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.