Hang Seng Index declines as Kuaishou and BYD weaken
The Hang Seng Index opened 85 points lower at 26,459 on Monday and extended its losses to 121 points, or 0.45%, reaching 26,423. The China Enterprises Index fell 41 points, or 0.44%, to 9,430, while the Technology Index declined by 14 points, or 0.23%, to 6,279. Total mainboard turnover stood at HK$41.2 billion.
Technology stocks saw mixed performance, with Tencent dropping 0.2%, Meituan falling 1.6%, Xiaomi slipping 0.6%, and JD.com declining 1.7%. Kuaishou, which is currently under investigation by China’s Cyberspace Administration, plunged 4.1%. Alibaba was one of the few gainers, rising 0.3%.
In the financial sector, mixed movements were observed. HSBC Holdings dipped 0.1%, AIA fell 0.4%, and Ping An Insurance also dropped 0.4%. On the contrary, Hong Kong Exchanges and Clearing gained 0.2%.
BYD tumbled 2.1% after it was revealed that Warren Buffett’s Berkshire Hathaway had fully sold its stake in the company.
Anta Sports saw a significant drop of 3.6%, following criticism of its Arc’teryx brand for allegedly damaging the environment by using fireworks displays.
Source: Dimsumdaily.hk
