Hong Kong stocks edged down 0.14 percent with the turnover slashed, following US President Donald Trump's recently announced tariff hike plans.

The benchmark Hang Seng Index closed 32 points lower to 22,944 on Wednesday. The main board turnover decreased to HK$262.56 billion, dropping more than 34 percent from Monday.

The blue-chip index once hit a low of 22,649 points but rallied sharply to a high of 22,975 in the morning. The rebound was propelled in part by the Tech Index, which rose 0.59 percent to 5,672 points.

Chinese chip giant Semiconductor Manufacturing International Corp (0981) jumped more than 8 percent to HK$51.80 while Hua Hong Semiconductor (1347) surged about 23 percent to HK$38.30.