Hang Seng Plunges: What's Behind the Tech Selloff?
The Hong Kong stock market opened lower in the morning session, with the benchmark Hang Seng Index falling 375 points, or 1.45%, to 25,460. Selling pressure was felt across the entire market. The Hang Seng China Enterprises Index fell 1.43% to 9,012, while the Technology Index fell further, down 2.2% to 5,451.
Technology stocks were the main market bearish. Tencent fell around 1.7%, Alibaba fell more sharply, by around 3.1%, and Meituan fell 1.5%. Xiaomi and JD.com both fell 2.3%, while Kuaishou Technology also fell by around 1.6%. The weakness in this sector indicates that investors remain quite sensitive to technology-based stocks.
The financial sector also came under pressure, adding to the negative sentiment. HSBC fell around 1.4%, AIA Group fell 2.3%, and Ping An Insurance fell 1.2%. Shares of Hong Kong Exchanges and Clearing, as the exchange operator, also fell 1.7%. Overall, this movement reflects the attitude of investors who tend to be cautious in this morning's trading session. (az)
Source: Newsmaker.id
