Hang Seng Index falls 202 points on tech sell-off and rate hike fears
Hong Kong stocks opened lower on 11 November as the Hang Seng Index dropped 0.83 per cent, dragged by tech majors and property counters amid renewed rate-hike concerns after firmer US inflation data.
Hong Kong stocks opened lower on Wednesday as the Hang Seng Index dropped 202 points, or 0.83 per cent, to 24,354, with tech majors under pressure and property counters sliding on renewed rate-hike concerns after firmer US inflation data.
The Hang Seng Tech Index was down 0.96 per cent to 4,045 points. Among tech majors, Alibaba plans to spin off its subsidiary T-Head for an independent listing on the Main Board of the Hong Kong Stock Exchange, while its shares opened down 0.98 per cent. Tencent fell 0.86 per cent, Meituan dropped 1.06 per cent, JD.com declined 0.98 per cent, and Xiaomi also slipped 0.52 per cent.
Among blue chips, Li Auto opened down 2.7 per cent as the worst-performing blue chip. In contrast, CATL and Hua Hong Grace Semiconductor beat the market, gaining 2.6 per cent and 1.6 per cent respectively.
Local properties were under pressure from the potential rate hike following the US announcing the October consumer price index last night, which climbed 0.4 per cent. New World Development opened down 2 per cent, CK Asset fell 1.6 per cent, and Henderson Land Development dropped 0.5 per cent.
Separately, Link Real Estate Investment Trust opened down 0.5 per cent following announcements that it will acquire a 50.1 per cent interest in Eastpoint Mall in Singapore from Income Insurance for S$239.5 million (HK$1.47 billion).
Chinese traditional medicine firm Neautus rose 27 per cent to HK$51.3 on its Hong Kong debut, compared to its IPO price of HK$40.2. The company was oversubscribed by 2,190 times in its retail tranche.