Hang Seng Index and Tech Index Open Lower as Tech and Auto Stocks Decline

Deep News09:33

U.S. markets closed lower on Wednesday. While the Federal Reserve kept interest rates unchanged as widely anticipated, several officials indicated the potential for future rate hikes. A significant rebound in bond yields weighed on the broader market, leading to losses across all three major indices. Concurrently, a strengthening U.S. dollar and a rise in the 10-year Treasury yield to around 4.48% pressured gold prices, while oil prices continued their downward trend.

The three major Hong Kong stock indices opened collectively lower today. The Hang Seng Index started the session down 0.69% at 24,145.19 points. The Hang Seng Tech Index fell 0.88%, and the Hang Seng China Enterprises Index also declined by 0.88%.

Key Market Movements

Technology stocks were broadly lower. NetEase, Inc. (HKG: 9999) dropped over 2%. Shares of Kuaishou Technology (HKG: 1024), Bilibili Inc. (HKG: 9626), Baidu, Inc. (HKG: 9888), JD.com, Inc. (HKG: 9618), Alibaba Group Holding Limited (HKG: 9988), and Xiaomi Corporation (HKG: 1810) all fell more than 1%.

In contrast, some AI application stocks saw gains, with Minimax rising over 3%.

Gold stocks were weak, with Tongguan Gold Group Ltd (HKG: 340) declining more than 3%.

Automotive stocks were mostly in negative territory, with BYD Company Limited (HKG: 1211) down over 1%.

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