Official figures showed China's exports dropped 7.5% year-over-year, while its imports fell by 1.9% in March. Total trade in the worlds second-largest economy also slid 5.1% year-on-year to $500.8 billion. Chinas trade surplus shrunk more than expected to $58.55 billion.
Sentiment was also dampened amid concerns that local interest rates may not drop in the coming months. The HKMAs monetary policy tracks the US milieu, and persistent high inflation in America is expected to defer a Federal Reserve rate cut to later this year.
At closing bell, the benchmark Hang Seng Index plummeted 373.34 points, or 2.18%, to 16,721.69. The Hang Seng China Enterprises Index dropped 124.39 points, or 2.07%, to 5,879.58.
Shares of property developers declined on concerns that the property markets woes will linger. Property developer Longfor Group Holdings plunged 8.6% to HK$9.41 and its peer China Overseas Land and Development dropped 4% to HK$11.60.
Chinese sportswear Li Ning sank 4.4% to HK$19 on jitters about weak domestic demand.
Powered by Capital Market - Live News