Hong Kong Stocks End Lower; Tech Counters Slide

MT Newswires Live

May 22, 2025

Hong Kong stocks ended in the red on Thursday after two straight days of gains, as sentiment soured following an overnight rout on Wall Street.

The Hang Seng Index fell 1.2%, or 283.47 points, at 23,544.31. The Hang Seng China Enterprises index also slid 1.2%, or 103.3 points, at 8,557.64.

US equities witnessed a sharp drop overnight amid concerns over a surge in government debt should Congress approve a tax-reduction bill proposed by US President Donald Trump's administration, Reuters reported.

In corporate news, tech firms mirrored overnight losses by US giants Nvidia and Apple, with Alibaba (HKG:9988) and Xiaomi (HKG:1810) closing over 3% and 2% lower, respectively.

Meanwhile, Baidu (HKG:9888) retreated 4% after Daiwa Securities Group slashed its forecast for the company's advertising revenue by 3% to 4% from 2025 to 2027.

This comes after Baidu reported a 6% decline in core online marketing revenue in the first quarter, South China Morning Post reported.

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