Major Hong Kong stock indices faced broad pressure on June 8th, with the Hang Seng Tech Index dropping over 3% intraday. By the market close, the Hang Seng Index was down 1.22% at 24,657.06 points, with a total turnover of approximately HK$363.975 billion. The Hang Seng Tech Index fell 2.71% to 4,755.91 points.
Among the largest Hong Kong equity-related ETFs by size, the top three performers were as follows: Tracker Fund of Hong Kong (02800) declined 1.19% to HK$24.98. Among mainland-listed ETFs tracking the Hang Seng Tech Index, ChinaAMC Hang Seng Tech ETF (513180) fell 2.9% to RMB 0.603, while Huatai-PineBridge Hang Seng Tech ETF (513130) dropped 2.95% to RMB 0.592.
Market Sector Performance
Stronger-than-expected US jobs data ignited fears of further interest rate hikes, triggering a global sell-off in technology stocks, which weighed on South Korea-related ETFs. At the close, CSOP Samsung Electronics Daily (2x) Leveraged Product (07747) plunged 17% to HK$154.3, and CSOP SK Hynix Daily (2x) Leveraged Product (07709) fell 7.76% to HK$98.6. Huatai-PineBridge China-Korea Semiconductor ETF (513310) dropped 6.45% to RMB 5.254.
Following a significant pullback in US stocks last Friday, with the tech sector hit hardest, panic spread across Asia-Pacific markets this morning. Despite efforts by Nvidia CEO Jensen Huang and South Korea's top financial regulator to stabilize the market, South Korean stocks plummeted 8%, triggering a trading halt. Samsung Electronics and SK Hynix both saw declines exceeding 10% at one point.
The latest US non-farm payrolls report showed the economy added 172,000 jobs in May, nearly double market expectations. Some analysis suggests that, on a deeper level, this sharp decline represents an inevitable correction for technology stocks after a prolonged period of speculative froth and heightened vulnerability. The unprecedented wave of super-sized IPOs in recent history also serves as a strong warning signal.
Energy and Metals ETF Movements
Driven by the first exchange of attacks between Iran and Israel in two months and the heightened rate hike expectations from the jobs data, energy ETFs advanced while metals ETFs faced pressure. By the close, Samsung S&P GSCI Crude Oil ER Futures ETF (03175) rose 2.81% to HK$10.98, and Fullgoal S&P Oil & Gas Exploration & Production Select Industry ETF (513350) surged 6.58% to RMB 1.328. Conversely, Yongying Gold Stock ETF (517520) fell 6.18% to RMB 1.716.
International oil prices surged again on June 8th, with WTI and Brent crude futures both gaining over 4%. On the evening of June 7th local time, Iran launched a ballistic missile attack on the Ramat David Airbase in northern Israel in response to Israeli military actions in Lebanon. This marks Iran's first attack on Israel since a ceasefire took effect on April 8th.
Separately, security officials in Iran's Khuzestan province reported that the Karun Petrochemical Company in Mahshahr was attacked by Israeli forces, resulting in damage to some facilities. Furthermore, with the US adding a robust 172,000 jobs in May, significantly above forecasts, coupled with ongoing Middle East tensions and persistently high energy prices, market concerns about a resurgence in inflation have not subsided.
Robotics Theme Gains Momentum
Multiple catalysts fueled the robotics theme, with related ETFs continuing their upward move. At the close, Fullgoal Robotics ETF (159272) gained 2.15% to RMB 1.00, and E Fund Robotics ETF (159530) rose 2.08% to RMB 1.666.
The robotics sector is experiencing a wave of positive catalysts. Recently, both Jensen Huang and SoftBank's Masayoshi Son have emphasized the concept of "Physical AI." Huang stated that robotics and physical AI technologies can be directly applied to industry, and future semiconductor manufacturing will increasingly rely on robots and AI. SoftBank CEO Son also indicated that the next trillion-dollar opportunity lies in physical AI and robotics.
Notably, Tesla's robot production is accelerating. The Fremont factory has completed production line modifications, with mass production expected to begin between July and August 2026, targeting an annual capacity of one million units. The V3 version may be unveiled by the end of June.
Institutional Perspectives
China Merchants Securities views Friday's market action as another episode of a "dollar up, everything else down" liquidity shock, with the AI sector leading the decline. The trigger was the stronger-than-expected May jobs report, forcing the market to seriously consider the probability of further Fed rate hikes. The firm believes this is merely a liquidity shock, not a bursting of the AI bubble. However, if market risk appetite faces temporary disruption, margin financing could turn into net outflows, potentially causing a pause in crowded trades and increasing short-term volatility.
Shenwan Hongyuan points out that in the short term, increased volatility in overseas tech stocks is raising concerns about the relative attractiveness of domestic tech plays. The market dynamics driven by sector ETFs and single-theme active funds could lead to higher potential volatility. The period from June to July may see amplified swings in the tech sector. For the medium term, the firm remains optimistic about the AI industry trend as the main battleground, continuing to focus on optical communications, PCBs, memory, energy storage, gas turbines, and computing-power grid coordination.
ETF Market Activity
1. Huatai-PineBridge Bank ETF (560670) made its debut, closing up 0.4% at RMB 1.009 with a turnover of RMB 72.5768 million. This fund tracks the CSI Bank Index, which selects A-share companies involved in the banking sector, using free-float market cap weighting to reflect the overall performance of the banking industry.
2. Ping An Industrial Nonferrous Metals ETF (560970) also listed for the first time, closing down 5.59% at RMB 0.912 with a turnover of RMB 16.4174 million. This fund tracks the CSI Industrial Nonferrous Metals Theme Index, which selects securities of A-share companies involved in the mining, smelting, and processing of industrial nonferrous metals, reflecting the overall performance of the industrial nonferrous metals sector.
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