Stock markets in Hong Kong and on the mainland both opened lower on Tuesday, as investors awaited the upcoming annual parliamentary sessions to gauge Beijing’s policy path.
The Hang Seng Index lost 328.02 points, or 1.43 per cent, to open at 22,678 points on Tuesday.
The Hang Seng Tech Index was down over three per cent.
China’s blue-chip CSI300 Index dropped 0.6 per cent at the open, while the Shanghai Composite Index lost 0.5 per cent.
Market focus is shifting from the recent tech and AI themes to the National People’s Congress meeting on Wednesday.
Beijing was expected to maintain its economic growth target at roughly five per cent and announce a budget deficit of four per cent of GDP.
Earlier, Japan’s Nikkei share average fell more than one per cent in early trade, dragged by overnight Wall Street declines and a stronger yen, with US tariffs on Canada and Mexico to take effect as planned later in the day.
US President Donald Trump also reaffirmed that he will increase tariffs on all Chinese imports to 20 per cent from the previous 10 per cent levy.
After Trump’s announcement, Beijing warned on Tuesday that it would take countermeasures against new US tariffs on Chinese imports.
Meanwhile, the yen appreciated against the US dollar as the greenback slid, knocking down exporters shares and further dragging investor sentiment. (Agencies)
