Hong Kong Shares Open Lower: Hang Seng Index Drops 1.1%, Tech Index Falls 1.86%, Gold Stocks Decline, Oil & Gas Stocks Gain

Deep News09:32

Growing concerns over massive artificial intelligence spending, triggered by rising capital expenditure from Alphabet (GOOG) and Tesla (TSLA), sent their shares down 7% and 15%, respectively. This weighed on Wall Street, with the Dow Jones, S&P 500, and Nasdaq falling 0.97%, 1.21%, and 2.15% in the prior session.

Following the negative lead from US markets, Hong Kong's three major indices opened lower today. The Hang Seng Index opened down 1.1% at 24,932.50 points, the Hang Seng Tech Index fell 1.86%, and the Hang Seng China Enterprises Index dropped 1.13%.

Key sector movements at the open:

Tech stocks were broadly weaker, with Meituan, Kuaishou, Xiaomi, and Alibaba all falling over 2%.

In contrast, oil and gas equipment and services stocks opened higher, with Shandong Molong gaining more than 4%.

The memory concept sector opened lower, with the Southern 2x Long Samsung Electronics ETF dropping over 7%.

Gold stocks were generally down, with Zijin Gold International falling more than 5%.

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