Hang Seng Opens in the Red - Are Tech Stocks the Culprit?
The Hong Kong Stock Exchange opened lower on Monday, with the Hang Seng briefly dropping to 25,698 before recovering slightly to trade around 25,771 (down 0.79%). Pressure was also seen in the China Enterprise Index, which fell to 8,988 (-1%) and the Technology Index to 5,553 (-1.49%). Transaction value on the main exchange was recorded at around HK$51.9 billion, indicating a relatively active market despite cautious sentiment.
This decline was primarily weighed down by major tech stocks: Tencent (-2%), Alibaba (-2.4%), Xiaomi (-1.9%), JD.com (-1.5%), and Kuaishou (-3.1%). Elsewhere, financial performance was mixed: HSBC declined, while AIA and Ping An rose. Property stock Vanke also suffered after investors failed to agree on a 2 billion yuan domestic bond extension, sending its shares down 3.2%. Amid the bear market, several gold mining stocks actually strengthened, with Zijin Gold International surging 5.2%. (az)
Source: Newsmaker.id