Hang Seng Index Weak, Tech Stocks Decline Amid Geopolitical Tensions
AM730 · 2 SOURCESabout 3 hours ago2 MIN
Summary
The Hang Seng Index opened 184 points lower at 24,649 on Thursday, extending Wednesday's 253-point decline that broke below the 25,000 psychological support level. Tech stocks led the retreat, with Tencent Holdings and Alibaba Group both falling more than 1% at the open, as international oil prices and US Treasury yields rebounded following Iranian President Masoud Pezeshkian's declaration at the UN General Assembly that Iran would not surrender in war. Market sentiment remains cautious amid broader global economic uncertainty.
Key Points
- Hang Seng Index opened at 24,649 points, down 184 points, recovering slightly to trade 89 points lower or 0.36% at 24,744 as of press time
- The Tech Index fell 34 points or 0.78% to 4,344 at open; Alibaba dropped 1.37% to HK$108.3 while Tencent fell 1.36% to HK$435
- Other major tech stocks including Meituan, JD.com, Baidu, and Kuaishou all opened lower, ranging from 0.26% to 0.66% declines
- Market turnover reached HK$184.3 billion, reflecting active trading despite the index weakness
- Financial stocks showed mixed performance: HSBC Holdings declined 1.2%, while AIA Insurance gained 0.1%, and Hong Kong Exchanges and Clearing fell 1%
Why It Matters
The continued weakness in Hong Kong's benchmark index reflects growing investor caution amid geopolitical tensions, with major tech giants showing particular vulnerability to external shocks and rising commodity prices affecting global market sentiment .
The continued weakness in Hong Kong's benchmark index reflects growing investor caution amid geopolitical tensions, with major tech giants showing particular vulnerability to external shocks and rising commodity prices affecting global market sentiment .