Hang Seng Index Drops 0.6%, Xiaomi Becomes the Biggest Downside
What happened? The Hang Seng Index on the Hong Kong Stock Exchange closed down 0.6% to 24,069.94 in today's trading, Thursday (4/7). This is the lowest closing level since June 23, after previously rising 0.6% in Wednesday's trading session.
Who was most affected? Xiaomi Corp. shares contributed the biggest decline to the index, with a sharp correction of 3.4%. Overall, 31 of the 85 stocks listed in the index experienced a decline, while 51 other stocks rose. In terms of sectors, trade and industry were the most affected sectors, with 2 of the 4 sectors recording a decline.
Why and how did it affect? This decline occurred amid investor concerns about global economic uncertainty and the possibility of tightening regulations in the technology sector. Although there has been no specific major negative sentiment, market players tend to take safe positions ahead of the release of important data from the US. The decline in this index shows that the market is still moving fluctuatively and is sensitive to external issues.
Source: Newsmaker
