Hang Seng reverses early gains as CATL tumbles
SingTao · 3 SOURCESabout 3 hours ago2 MIN
Summary
Hong Kong equities staged an early rebound on Wednesday morning but quickly lost momentum, with the Hang Seng Index reversing from a 271-point opening gain to close down 215 points at 23,651 after touching an intraday low of 23,620. The Hang Seng Tech Index also slipped below the 4,000 mark, as heavyweight technology names weakened and Contemporary Amperex Technology became the worst-performing blue chip after its quarterly results.
Key Points
- The Hang Seng Index opened at 24,139, rose 271 points at the start, then reversed to finish down 215 points, or 0.9%, at 23,651, with main-board turnover of about HK$176.5 billion.
- The Hang Seng Tech Index fell 51 points, or 1.26%, to 3,994, while the China Enterprises Index dropped 86 points to 7,943 as major platform stocks broadly retreated.
- Tencent fell about 4%, Alibaba lost 1.1%, Meituan dropped 1.8%, JD.com slipped 1.6%, Xiaomi fell 0.9%, and Kuaishou also declined during the session.
- Contemporary Amperex Technology dropped 11.4% after reporting third-quarter net profit of 21.246 billion yuan, up 14.5% year on year but down about 5.8% from the previous quarter.
- Memory-related shares rebounded as Samsung Electronics and SK Hynix recovered, lifting leveraged Hong Kong products tracking the two stocks by more than 10%, while Montage Technology rose after a profit alert
Why It Matters
The session showed how quickly sentiment can swing in Hong Kong when index-heavy technology and new-economy names come under pressure, even after supportive moves in U.S. yields and the dollar. Investors are also weighing whether weakness in large-cap growth shares and caution over inflation and high interest rates will keep the market soft in the near term, as one local broker warned