HSI Drops 118 Points as Geely Plunges 7%; Domestic Property Stocks Buck Downtrend
AM730 · 2 SOURCESabout 3 hours ago2 MIN
Summary
Hong Kong's Hang Seng Index retreated 118 points on Tuesday amid a broad pullback in technology and automotive stocks, while domestic property developers staged a notable rally. The index opened 6 points higher at 24,648 but quickly reversed course, touching an intraday low of 24,444 before settling at 24,523 . Geely Automobile led blue-chip decliners with a drop exceeding 7%, while Longfor Group surged 5.8% to become the best performer on the benchmark . Market volume totaled HK$184.6 billion as investors weighed multiple headwinds including rising US bond yields and concerns about mainland China's economic trajectory .
Key Points
- Hang Seng Index fell 118 points (0.48%) to close at 24,523, with an intraday range of 24,648 to 24,444
- H-shares declined 38 points to 8,178; Tech Index shed 46 points to 4,249
- Geely Automobile plunged 7.36% to HK$14.98, marking the steepest blue-chip loss
- Other auto stocks retreated: BYD fell 2.51%, Li Auto 2.62%, NIO 5.06%, XPeng 4.09%
- Domestic property stocks outperformed, with Longfor Group up 5.8%, China Overseas Development up 3.7%, and China Resources Land up 3.3%
- Technology giants declined: Tencent fell 1.77%, Meituan 2.02%, Alibaba 1.39%, Xiaomi 2.55%
- Market veteran Chan Ping-keung identified 24,500 as a critical support level and warned of downside risk toward the June low of 22,500
Why It Matters
The Hang Seng Index's position near the 24,500 support level puts Hong Kong markets at a technical crossroads, with a breach potentially exposing the index to a test of the June trough of 22,500 . The divergence between struggling technology and automotive stocks and resilient domestic property developers highlights uneven investor confidence in China's economic recovery, while rising US interest rate expectations continue to cast a shadow over risk assets globally .
The Hang Seng Index's position near the 24,500 support level puts Hong Kong markets at a technical crossroads, with a breach potentially exposing the index to a test of the June trough of 22,500 . The divergence between struggling technology and automotive stocks and resilient domestic property developers highlights uneven investor confidence in China's economic recovery, while rising US interest rate expectations continue to cast a shadow over risk assets globally .