The Hang Seng Opens Down 474 Points, with Tech and China Stocks Following
Hong Kong equities tracked a sharp Wall Street sell-off and firmer crude prices, with the Hang Seng Index opening 474 points lower at 25,550. The broader weakness followed a 768-point drop in U.S. markets as traders priced in expectations that the Federal Reserve will deliver only one rate cut this year, while escalating Middle East tensions pushed Brent back above $110 a barrel.
Tech stocks were broadly weaker at the open. Tencent fell about 4% after its results, last quoted around HK$528. Alibaba slipped 3.6% and Meituan eased 2%, while Baidu retreated 1.1%. JD.com lost 2.4% and Kuaishou dropped 3.3%. In contrast, Xiaomi gained 2.6% after unveiling a trillion-parameter AI model, outperforming an otherwise weak sector.
Financials also softened. HSBC declined 2.4%, AIA shed 3.6% following earnings, and Ping An dipped 2.3%. Hong Kong Exchanges and Clearing was about 1% lower.
Elsewhere, recently favored MINIMAX opened 5% lower at around HK$1,176, highlighting the risk-off tone.
Regional sentiment was similarly fragile, with Japan’s Nikkei 225 down about 2.74% in early trade and South Korea’s KOSPI off roughly 2.76%.
Source : Newsmaker.id
