Hang Seng Strengthens, Why Is Xiaomi Struggling?
The Hong Kong stock exchange opened Wednesday with limited gains. The Hang Seng Index edged up around 24 points to 25,954, indicating the market hasn't fully lifted its cautious stance. Early in the session, technology and financial stocks were the main focus due to their inconsistent movements.
In the technology sector, the Hang Seng Technology Index rose around 0.37% to 5,666, while the Hang Seng China Enterprises Index also gained around 0.19% to 9,192. Several major names, such as Tencent and Alibaba, moved positively, rising around 0.6% and 0.7%, respectively. Meituan and JD.com only edged up around 0.1%, Kuaishou remained stagnant at their previous closing levels, while Xiaomi actually fell significantly, nearly 1.9% after releasing its earnings report.
The financial sector also showed mixed results. HSBC shares slipped around 1%, while AIA actually gained around 0.5%. The Hong Kong Exchanges and Clearing (HKEX) index edged up by around 0.3%, and China's Ping An Insurance index edged down by around 0.1%. This suggests that despite the major indices' opening gains, market sentiment remains a mix of selective optimism and caution. (az)
Source: Newsmaker.id
