Hang Seng Slips as Tech Stocks Trade Mixed
Hong Kong stocks traded in a narrow range on Monday morning, with the benchmark Hang Seng Index reversing its early gains and moving lower. The movement showed that investors remained cautious as major technology stocks delivered a mixed performance.
The Hang Seng Index initially opened 54 points higher at 23,404. However, the gains did not last long. The index later fell 66 points, or 0.28%, to 23,283. Meanwhile, the Hang Seng China Enterprises Index edged up 15 points, or 0.2%, to 7,715.
The Hang Seng Tech Index still managed to stay in positive territory, rising 24 points, or 0.55%, to 4,523. However, major technology stocks moved unevenly. Tencent slipped 0.2%, Alibaba lost 0.9%, Meituan dropped 1.4%, Xiaomi fell 0.6%, and JD.com declined 0.9%. In contrast, Kuaishou gained 0.8%.
Financial stocks also showed mixed movement. HSBC declined 0.9%, while AIA rose 0.6%. Ping An Insurance added 0.1%, and Hong Kong Exchanges and Clearing climbed 0.3%. This reflected a selective mood among investors across key sectors.
Outside the major index movers, Shanghai Biren Technology Co Ltd retreated 3.5% following a share placement. Overall, Hong Kong’s market remained cautious as investors waited for stronger catalysts to determine the next direction.
Source : Newsmaker.id
