Hang Seng Index Drops 492 Points, Tech Index Plunges Nearly 4%
On.cc · 3 SOURCESabout 2 hours ago1 MIN
Summary
Hong Kong stocks retreated sharply on Thursday (April 24), with the Hang Seng Index closing down 492 points at 25,517, snapping a five-day winning streak that had added nearly 900 points last week . The Tech Index plummeted 172 points to 4,594, a decline of 3.61%, while the State-owned Enterprises Index fell 162 points to 8,471 . Total market turnover amounted to approximately 291.1 billion HKD .
Key Points
- Alibaba (9988) led blue-chip losses with an 8.54% drop to 112.5 HKD after announcing an 80 billion yuan stock placement plan
- Major tech stocks including Tencent (3.72% to 440 HKD), Xiaomi (4.14% to 27.82 HKD), and Meituan (2.71% to 82.7 HKD) all declined significantly
- Chipmakers suffered with SMIC down 7.93% to 66.75 HKD and newly added HSI constituent Hua Hong Hongli falling 5.23%
- Defensive plays outperformed: Pop Mart rose 4.03% to 155 HKD, Snow City surged 7%, and Sinopec gained 5.9%
- Independent analyst Li Weijie noted resistance at 26,000-26,200 points with support at 25,000 and 25,500 as the mid-range level
Why It Matters
The broad selloff reflects a shift in market sentiment as investors rotate out of high-valuation tech stocks following Alibaba's massive fundraise announcement . This rotation into traditional sectors like finance, retail, and real estate signals caution amid ongoing Middle East tensions and suggests Hong Kong markets may consolidate in the near term .
The broad selloff reflects a shift in market sentiment as investors rotate out of high-valuation tech stocks following Alibaba's massive fundraise announcement . This rotation into traditional sectors like finance, retail, and real estate signals caution amid ongoing Middle East tensions and suggests Hong Kong markets may consolidate in the near term .