Hang Seng Index declines over 100 points, Xiaomi stands strong against the market tide

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AI-generated image for illustration purpose only.

12th April 2024 – (Hong Kong) The Hang Seng Index (HSI) opened with a decline of 116 points or 0.68%, settling at 16,978 points. The HSI’s constituent index for state-owned enterprises also experienced a drop of 31 points or 0.51%, closing at 5,972 points, while the technology index fell by 14 points or 0.41%, ending at 3,523 points.

Amidst the market downturn, technology stocks exhibited a general softness. Tencent saw a decrease of 0.3%, Alibaba’s shares dropped by 1.4%, Meituan experienced a decline of 0.7%, JD.com fell by 1%, and Kuaishou’s shares dipped by 0.6%. However, defying the trend, Xiaomi Group, which had garnered positive attention from brokerage firms, managed to rise by 1.1%.

Conversely, the financial sector witnessed a comprehensive decline. HSBC Holdings saw a decrease of 1.6%, while AIA Group’s shares dropped by 1.9%. Hong Kong Exchanges and Clearing Limited (HKEX) experienced a decline of 1.2%, and China Ping An Insurance (Group) Company of China Ltd. also fell by 1.2%.