Hong Kong Stocks Open Lower as Tech and Chip Shares Diverge

Deep News11-12

Hong Kong's three major indexes all opened lower today, with the Hang Seng Index dropping 0.8% to 24,121.40 points at the open, the Hang Seng Tech Index falling 0.8%, and the State-Owned Enterprises Index declining 0.81%.

On the board, tech and internet stocks fell broadly, with NetEase and Alibaba (BABA) both down more than 2%. Chip stocks were active, with Longsys rising more than 2%. Gold stocks weakened, with Zijin Gold International dropping more than 2%. Two new stocks listed today, with Yiwei Technology opening more than 37% higher on its first day, while Hongxinyu fell 0.04%.

Overnight, U.S. stocks rebounded on Wednesday, as solid earnings from artificial intelligence concept stocks drove capital inflows into related shares, lifting technology stocks, with all three major indexes closing higher. The U.S. dollar continued to strengthen, while the U.S. 10-year Treasury yield edged down to the 4.99% level. Gold prices came under significant pressure, while oil prices rose before retreating.

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