Hong Kong Stocks Open Lower as Tech Sector Slides, Gold Miners Retreat

Deep News10-22 09:31

Hong Kong's major stock indices all opened lower today, with the Hang Seng Index falling 0.58% to 23,513.79 points, the Hang Seng Tech Index dropping 1.15%, and the State-Owned Enterprises Index declining 0.7%.

Overnight on Wall Street, all three major U.S. indices closed higher, buoyed by investor enthusiasm following SpaceX's earnings results, which drove capital back into the technology sector. The Dow Jones Industrial Average rose 0.69%, the Nasdaq gained 1.05%, and the S&P 500 advanced 0.58%.

Chinese concept stocks, however, broadly pulled back, with the Nasdaq Golden Dragon China Index sliding 2.35%. New energy vehicle makers, autonomous driving companies, and e-commerce and internet platform stocks all fell across the board.

On the Hong Kong market's sector performance, technology and internet stocks declined broadly, with Lenovo Group Ltd (HKEX: 0992) dropping more than 4%, while JD.com Inc (HKEX: 9618) and Alibaba Group Holding Ltd (HKEX: 9988) each fell more than 2%.

Chinese brokerage stocks were active, with Everbright Securities Co Ltd (HKEX: 6178) rising more than 1%.

Lithium battery stocks continued to weaken, as Contemporary Amperex Technology Co Ltd (HKEX: 3750) declined more than 3%.

Gold stocks mostly traded lower, with Zijin Gold International Co Ltd (HKEX: 2251) falling more than 1%.

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