Market Update: Hang Seng Opens Lower, Tech Stocks Slide as Storage Sector Weakens

Deep News08-28 09:32

US stocks closed higher on Thursday, buoyed by a strong set of earnings reports from major technology companies that lifted the broader market. The US dollar held steady, while the yield on the 10-year Treasury note ticked back up to 4.67%. Gold prices showed softness, but oil prices rebounded during the session.

In Asia, Hong Kong's benchmark indices kicked off the trading day in negative territory. The Hang Seng Index opened down 0.61% at 25,410.46 points, while the Hang Seng Tech Index fell 0.85%. The Hang Seng China Enterprises Index also slipped, opening 0.76% lower.

Sector-wise, internet and technology stocks were broadly weaker, with Alibaba dropping more than 2% at the open. On the flip side, lithium battery plays started the day on a positive note, as Tianqi Lithium surged over 5%. The PCB sector also showed strength, with Kingboard Laminates advancing more than 2%. Conversely, memory and storage concept stocks opened lower, dragging Montage Technology down by over 2%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment