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Hang Seng tech index slides into correction territory after strong rally as tariff worries sour mood

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China's technology stocks fell into correction territory after purported profit taking by investors and trade war uncertainties.
The Hang Seng Tech Index experienced a significant downturn, entering correction territory after a robust rally, as concerns over potential new U.S. tariffs on Chinese goods dampened investor sentiment. The index, which includes major tech companies like Alibaba and Tencent, saw a decline of over 10% from its recent peak. This drop was triggered by reports that the U.S. might impose additional tariffs on Chinese products, escalating trade tensions between the two economic giants. The market's mood was further soured by disappointing economic data from China, including weaker-than-expected industrial output and retail sales figures, which raised fears of a slowing economy. Investors are now closely watching for any developments in U.S.-China trade negotiations, as these could significantly impact the tech sector and broader market sentiment.

Read the Full CNBC Article at:
[ https://www.msn.com/en-us/money/markets/hang-seng-tech-index-slides-into-correction-territory-after-strong-rally-as-tariff-worries-sour-mood/ar-AA1BXY7f ]