Hang Seng Stumbles: HSBC & HKEX Also Weaken
The Hong Kong stock exchange plunged after a long holiday. The Hang Seng opened down 57 points (26,900), was hit by intense selling to 26,520, and closed down 380 points (-1.41%) at 26,577. The China Enterprise Index ended down 1.5% (9,429), while the Technology Index fell 1.94% (6,422). Tech led the decline: Tencent -1%, Alibaba -2.9%, Meituan -2%, Xiaomi -1%, JD.com -2.7%, Kuaishou -2.9%, and Baidu -5%. The financial sector also slumped: HSBC -1.3%, AIA -0.6%, Ping An -1.6%, and HKEX -1.3%. Main board turnover: HK$40.4 billion. Gold's rally to a new record fueled mixed performance among miners: Zijin Mining Group -0.5%, Zijin Gold International +5.3% (a new record), Zhaojin +0.1%, Shandong Gold +1.9%. Sentiment became even more fragile after Longfor Properties plunged 5.6% following a reduction in its holdings by HSBC International. The big picture: the safe-haven movement strengthened, while pressure on tech and financial stocks continued to weigh on the HSI. (az)
Source: Newsmaker.id
