Hang Seng Index opens lower, tech stocks weighed down; Meituan under pressure
The Hang Seng Index commenced trading with a decline of 65 points or 0.28%, settling at 23,216 points. Concurrently, the state-owned enterprise index dropped by 25 points or 0.3%, reaching 8,411 points, while the technology index saw a decrease of 26 points or 0.51%, closing at 5,130 points.
In the tech sector, stocks faced downward pressure, with Meituan experiencing a decline of 4.9%. Xiaomi Group saw a pre-market drop of 0.5%, Tencent fell by 0.2%, Alibaba by 0.7%, JD.com Group by 2%, and Kuaishou remained stable.
Financial stocks generally held steady, with HSBC Holdings rising by 0.2%, AIA Group showing no change, China Ping An up by 0.6%, and Hong Kong Exchanges and Clearing gaining 0.4%.
Conversely, automotive stocks trended lower, with BYD Company falling by 1.6%, Geely Auto dropping by 0.6%, and the electric vehicle battery giant Contemporary Amperex Technology Co. Ltd. rising by 0.8%.
Source: Dimsumdaily.hk
