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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.