Hong Kong shares dip to three-week low as tariff concerns flare again

HONG KONG, June 2 — Hong Kong stocks weakened to a three-week low in early trade on Monday as renewed Sino-US tariff tensions weighed on sentiment.

The city’s benchmark Hang Seng Index slipped 2.4 per cent to 22,734.05, the lowest level since May 8, while Hang Seng China Enterprises Index tracking mainland companies tumbled 2.7 per cent.

Concerns over Sino-US trade tensions flared up again on Monday following a fresh spat over tariffs.

China’s Commerce Ministry rebuked US President Donald Trump’s accusations that Beijing had violated the consensus reached in Geneva talks, calling them “groundless,” and vowed to take “forceful measures” to safeguard its legitimate rights and interests.

The declines were across the board, with the Hang Seng Tech Index, property subindex and healthcare sector all sliding more than 3 per cent.

Among the biggest laggards, local property firm New World Development plunged more than 10 per cent to a fresh two-month low after it deferred coupon payments. — Reuters