April 14, 2025 at 05:00 am EDT
(MT Newswires) -- Hong Kong stocks extended gains earlier in the day to close higher on Monday, as the US exempted various electronic products from its new tariffs and Chinese exports logged a substantial rise.
The Hang Seng Index soared 2.4%, or 502.71 points, to end at 21,417.40. The Hang Seng China Enterprises Index climbed 2.11%, or 164.3 points, to 7,965.81.
Washington announced over the weekend that the US's reciprocal tariffs will now exclude electronic devices including smartphones and computers, the BBC reported.
Following the news, tech and electronic company stocks led the rally as the exemption also applies to China, a welcome move amid the worsening trade war between the world's two largest economies.
Computer manufacturer Lenovo Group and intelligent product solutions provider BYD Electronicrose 3% each, while tech giant Alibaba closed 5% higher.
The change was driven by concerns among US tech companies of a sharp hike in the prices of gadgets as many rely on China production. The US clarified the exemption came to give firms more time to move production to the US, according to the BBC report.
In response to the exemption, China's commerce ministry called on the US to "completely cancel" its reciprocal tariffs against China, according to a Sunday report by the Xinhua News Agency.
In other news, Chinese exports rose by 12.4% in March from a year prior, substantially higher than the 4.4% growth forecast by Reuters-polled analysts.
Sumber : MT Newswires
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