FX.co ★ Hang Seng Plunges 2.2% at Finish, Logs Second Straight Weekly Drops

The Hang Seng Index dropped by 530 points, or 2.2%, closing at 23,690 on Friday. This marks its second consecutive day of losses, with significant declines across all sectors. For the week, the index decreased by 1.1%, extending its losing streak to two weeks. Investor sentiment was dampened by profit-taking in tech stocks and caution ahead of forthcoming Chinese corporate earnings reports. Semiconductor Manufacturing fell by 7.1% to a one-month low, while Kuaishou Technology, Alibaba Group, and Tencent experienced steep declines of 5.4%, 3.5%, and 2.0%, respectively. Furthermore, consumer, property, and financial stocks also pulled back as China's newly announced "special action plan" intended to boost consumption and stabilize markets failed to provide new details. Meanwhile, U.S. futures were in negative territory following President Trump's confirmation that broad reciprocal tariffs and additional sector-specific levies would commence on April 2. Beyond the tech sector, other notable decliners included Zhejiang Leapmotor, CK Asset, Innovent Biologics, and Geely Auto, with losses of 8.0%, 5.9%, 5.2%, and 4.6%, respectively.