Hong Kong shares plunged 646 points, or 2.5%, to 25,191 in early Friday trade, extending bearish momentum since last week and hitting an over one-month low amid a broad-based selloff. A sharp overnight slide on Wall Street pressured sentiment, as U.S. jobs data failed to clarify the near-term interest-rate outlook. The Hang Seng is on track for a weekly drop of nearly 5%, reversing gains from the prior two weeks, with traders retreating from risk assets even after Nvidia’s strong earnings. Chinese markets also fell to a near one-month low despite the PBoC’s accommodative stance and potential new property aid measures. Further pressure came from mounting tensions between China and Japan over Taiwan, including Beijing’s plan to suspend imports of Japanese seafood. Tech stocks in Hong Kong sank over 3%, followed by falls between 1 to 2% in consumer, property, and financial names. Major losers included JD Health (-7.2%), Tencent Music (-6.0%), SMIC (-5.0%), and China Hongqiao (-3.7%).
