2nd August 2024 – (Hong Kong) Hong Kong’s stock market opened sharply lower on Friday, with the benchmark Hang Seng Index declining over 1% and major sectors like technology and financials seeing broad-based losses.
The Hang Seng Index opened 297 points lower at 17,025, a drop of around 1.7%. The China Enterprises Index, which tracks major Chinese companies listed in Hong Kong, fell 90 points or 1.5% to 5,995, breaching the 6,000 level.
The technology sector was among the hardest hit, with the Hang Seng Tech Index sliding 59 points or 1.7% to 3,417. Heavyweights such as Alibaba, Tencent, Meituan, and Xiaomi all recorded losses of between 1.3% and 1.9%.
In the financial sector, HSBC Holdings, the largest constituent stock of the Hang Seng, opened 3.6% lower. Other major decliners included China’s largest insurer, Ping An Insurance, which fell 1.5%, and Hong Kong Exchanges and Clearing, the city’s stock exchange operator, which shed 1.5%.
“The Hong Kong market is taking its cue from the global risk-off sentiment as investors remain concerned about the prospect of a slowdown in the U.S. economy,” said Kenny Wen, a strategist at Everbright Sun Hung Kai.
“Tech and financial stocks are bearing the brunt of the selling pressure as they are closely tied to the economic outlook.”
The post Hong Kong stocks open over 1% lower, Hang Seng and key sectors decline appeared first on Dimsum Daily.
English (US) ·