Hong Kong Stocks Open Lower: Hang Seng Index Drops 0.58%, Tech Shares Broadly Decline as Alibaba-W (09988) Falls 2.03%

Stock News10-22 09:59

On October 22, the Hang Seng Index opened 0.58% lower at 23,513.79 points; the Hang Seng Tech Index fell 1.15% to 3,949.02 points; the Hang Seng China Enterprises Index dropped 0.70% to 7,887.51 points; and the Hang Seng China-Affiliated Corporations Index declined 0.22% to 3,931.03 points.

Tech stocks broadly opened lower, with the Hang Seng Information Technology Industry Index falling 1.38%, the largest decline among the 12 Hang Seng industry indices. Among Hang Seng Index constituent stocks, Alibaba-W (09988) dropped 2.03%, ranking third among Hang Seng Tech Index constituents by decline.

Consumer stocks moved lower in tandem, with the Hang Seng Consumer Discretionary Index falling 1.14%, the second-largest decline among the 12 Hang Seng industry indices. CATL (03750) continued its weakness from the previous trading day, opening down 3.29% as the second-largest decliner among Hang Seng Index constituents; its H-shares closed down more than 11% on the previous trading day. The company disclosed on October 21 that it repurchased approximately 3.4886 million A-shares for about 800 million yuan that day, at a repurchase price range of 227.51 yuan to 231.38 yuan per share.

On the upside, artificial intelligence concept stocks opened higher, with Iluvatar CoreX (09903) rising 1.44% and Zhipu (02513) gaining 1.11%, ranking first and second among Hang Seng Tech Index constituents by gain; China Resources Mixc Lifestyle (01209) rose 1.02%, the top gainer among Hang Seng Index constituents.

Among the 12 Hang Seng industry indices, only the Hang Seng Energy Industry Index advanced 0.06%, while the remaining 11 all recorded declines. Overnight, the three major U.S. stock indices all closed higher, with the Dow Jones Industrial Average up 0.69%, the S&P 500 up 0.58%, and the Nasdaq Composite up 1.05%; the Philadelphia Semiconductor Index rose 1.97%, with memory concept stocks also moving higher. However, the Nasdaq Golden Dragon China Index fell 2.35%, with most popular Chinese concept stocks declining, as XPeng dropped 5.55% and Alibaba fell 3.87%. On the previous trading day (October 21), the Hang Seng Index closed down 0.90% at 23,651.87 points; the Hang Seng Tech Index fell 1.26% to 3,994.77 points.

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