Hang Seng Index drops 241 points on tech and EV weakness; SMIC bucks trend
Hong Kong stocks closed lower on Wednesday with the Hang Seng Index falling 0.98 per cent, dragged by declines in technology and electric vehicle shares. Local chipmaker SMIC rose 3.7 per cent as the best-performing blue chip, while mainland indices edged higher.
Hong Kong stocks closed lower on Wednesday, with the benchmark Hang Seng Index falling 241 points, or 0.98 per cent, to 24,315 amid broad weakness in technology and electric vehicle shares, according to The Standard. The full-day market turnover was HK$180 billion.
The tech gauge fell 1.41 per cent, dragged by most consumer cyclical stocks. BYD Company (1211) declined 3.8 per cent, Li Auto (2015) fell 3.4 per cent, and XPeng (9868), Leapmotor (9863), and Nio (9866) all fell by around 3 per cent.
Local chipmakers continue to rally, with Semiconductor Manufacturing International Corporation (0981) gaining 3.7 per cent as the best-performing blue chip. Chinese battery maker CATL (3750) followed with a 2.5 per cent rise, while tech share Lenovo (0992) rose 2.4 per cent.
Other tech heavyweights edged lower, with Tencent (0700) falling 1.96 per cent and Alibaba (9988) slipping 0.98 per cent. Meanwhile, Meituan (3690) and NetEase (9999) dropped 3.5 per cent and 3.4 per cent, respectively.
Link Real Estate Investment Trust (0823) closed down 1.5 per cent ahead of its interim results announcement on 12 November. Its counterpart, Sun Hung Kai Properties (0016), also fell 1.48 per cent, and MTR Corporation (0066) dropped 1.32 per cent. On the financial front, HSBC (0005) dipped 1.19 per cent.
In the mainland, the Shanghai Stock Exchange Composite Index edged up 16 points, or 0.46 per cent, to 3,680 points, and the Shenzhen Stock Exchange Composite Index rose 1.32 per cent to 11,389 points.