After Wall Street managed a rebound on Friday, with all three major indices closing higher on a technical bounce as oil prices retreated from recent highs, Hong Kong markets opened the new week on a downbeat note. The dollar strengthened, US 10-year Treasury yields held steady around 4.97%, gold recovered from its lows, while crude oil prices eased from their peaks, setting a cautious tone for Asian trading.
At the opening bell, Hong Kong's three major indices all moved lower. The Hang Seng Index opened down 0.42% at 24,701.18 points, the Hang Seng Tech Index slipped 0.69%, and the Hang Seng China Enterprises Index fell 0.4%.
Sector performance was mixed but largely negative, with tech and internet names bearing the brunt of the selling. Alibaba, Meituan, and Tencent all dropped over 1%, while Lenovo bucked the trend with a gain of more than 1%. Oil-related stocks showed resilience, with China Oilfield Services rising over 1% in early trading.
Memory and storage concept stocks opened sharply lower, with the CSOP SK Hynix Daily (2x) Leveraged Product tumbling more than 13%. Meanwhile, AI application stocks also opened weak, with Zhipu dropping over 5% at the market open.
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