Hang Seng Index opens lower, Tencent Music surges while XPeng faces decline
The Hang Seng Index opened down 42 points, or 0.17%, settling at 24,697 points. The Hang Seng China Enterprises Index fell by 36 points, or 0.39%, to 9,141 points, while the Technology Index decreased by 61 points, or 1%, to 6,043 points.
In the technology sector, stocks showed mixed performance ahead of earnings reports. Tencent rose 0.2%, while Tencent Music surged 13.6% following its results. In contrast, Alibaba dropped 2.1%, Meituan fell 0.4%, Xiaomi declined 1.1%, JD.com slipped 0.6%, and Kuaishou also decreased by 0.6%.
Financial stocks generally performed well, with HSBC Holdings up 1%, AIA Insurance gaining 0.1%, China Ping An remaining flat, and the Hong Kong Stock Exchange rising 0.4%.
In the automotive sector, BYD gained 1.6% and Geely rose 0.1%. However, NIO fell 0.1%, XPeng Motors plummeted 5.4% following its earnings report, and Li Auto decreased by 2.8%.
Source : dimsumdaily.hk
