How Severe Will Hong Kong Tech Stocks Fall?
The Hong Kong stock market opened sharply lower on Friday, immediately breaking its four-day uptrend. The Hang Seng Index fell 412 points, or around 1.52 percent, to 26,660. The greatest pressure came from technology stocks, with Hang Seng Tech plunging 2.22 percent to 5,848. The Hang Seng China Enterprises Index also suffered, falling 1.66 percent to 9,439 points. The overall picture is clear: since the opening, sentiment on the stock exchange has been heavily selling.
Sectorally, technology was the focus of selling pressure following the release of earnings reports. Tencent fell around 1.6 percent, Alibaba slumped 3.4 percent, JD.com fell 2.9 percent, while Kuaishou and Xiaomi fell 2.3 percent and 2 percent, respectively. The financial sector also suffered, with HSBC down 0.8 percent, AIA down 2.2 percent, and Ping An down 1.4 percent. In the semiconductor sector, SMIC fell 1.7 percent after its earnings report, while Hua Hong Semiconductor plunged further, dropping around 3.6 percent. Overall, a combination of pressures in technology, financials, and chips caused the Hong Kong market to open in defensive mode from the start of the session. (az)
Source: Newsmaker.id
