Hang Seng Edges Up 23 Points; Tech Index Slides Over 1%
RTHK · 2 SOURCESabout 2 hours ago2 MIN
Summary
Hong Kong stocks closed with modest gains on Wednesday as the Hang Seng Index edged up 23 points to 25,495, marking its third consecutive day of advances, while the Tech Index retreated 1.2% to 4,682 amid broad weakness in technology and semiconductor stocks. Turnover totaled approximately HK$253.2 billion, with analysts noting that elevated US Treasury yields are weighing on investor appetite.
Key Points
- The Hang Seng Index opened 124 points lower at 25,346 but recovered to close at 25,495, up 23 points (0.09%), extending its winning streak to three sessions
- The Tech Index fell 57 points or 1.2% to 4,682, with semiconductor stocks under pressure as Hua Hong Hongli slumped nearly 12% and SMIC declined nearly 4%
- Major tech stocks traded mixed: Tencent Holdings rose 1%, Alibaba fell 1.9%, Meituan gained 1.7%, Xiaomi advanced 4.8% after results, while Baidu plummeted 11% following its earnings report
- Hong Kong Exchanges and Clearing reported record half-year interim results, driving its shares up over 2%, while China Unicom suspended dividends and tumbled 12%, making it the worst-performing blue chip
- Towngas Hong Kong surged 7.3% to become the best-performing blue chip after results, contrasting with China Unicom's sharp decline
Why It Matters
The divergence between the main index and the technology sector underscores lingering caution in Hong Kong's market amid high US interest rates. According to Zhang Zhiwei, managing director at Prudential Brokerage, elevated US Treasury yields are suppressing market participation, and the Hang Seng is expected to consolidate around the 25,000 level with support near 24,900 .
The divergence between the main index and the technology sector underscores lingering caution in Hong Kong's market amid high US interest rates. According to Zhang Zhiwei, managing director at Prudential Brokerage, elevated US Treasury yields are suppressing market participation, and the Hang Seng is expected to consolidate around the 25,000 level with support near 24,900 .