Hang Seng Index Opens Lower 177 Points as JD.com Tumbles After Earnings
AM730 · 1 SOURCESabout 2 hours ago1 MIN
Summary
The Hang Seng Index extended its decline on August 14, opening 177 points lower at 25,219 as US producer price index data came in below market expectations. The 4.7% year-on-year increase in July PPI eased concerns about the Federal Reserve's interest rate trajectory, supporting US equity markets overnight. Technology stocks led the decline, with JD.com plunging more than 6% following its earnings release, while semiconductor stocks showed resilience with SMIC climbing 4.74%.
Key Points
- Hang Seng Index opened down 177 points at 25,219; H-shares index fell 50 points to 8,376; Tech index dropped 28 points to 4,763
- US July PPI rose 4.7% year-on-year, below market expectations, easing Fed rate hike concerns and lifting US equities
- JD.com (9618) led declines with 6.5% drop to HK$115 after earnings release; Alibaba fell 1.31% to HK$120.3; Tencent down 1.13% to HK$436
- MTR Corporation surged 1.73% to HK$32.88 and China Mobile gained 0.43% to HK$81.55 after their earnings reports
- SMIC climbed 4.74% to HK$70.75; Lenovo fell 4.24% to HK$33.42; CK Asset dropped 4.82% to HK$45.78
Why It Matters
The mixed performance between tech giants and semiconductor stocks reflects ongoing uncertainty in Hong Kong's market, where JD.com's significant post-earnings decline signals investor concerns about the outlook for China's e-commerce sector amid slowing consumer spending .