Hang Seng Index falls below 19,000 points, but Kuaishou performs well against the market

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23rd May 2024 – (Hong Kong) The Hang Seng Index opened lower at 19,024 points and extended its losses to 203 points or 1.06%, settling at 18,991 points. The H-share index also declined by 44 points or 0.64%, reaching 6,773 points, while the technology index dropped by 19 points or 0.49%, closing at 3,972 points.

Major technology stocks experienced a general decline, with Tencent down by 0.9%, Alibaba by 2.4%, Meituan by 0.4%, JD.com by 0.8%, Xiaomi by 0.4%, and Kuaishou showing a post-earnings rise of 1.2%. Lenovo Group’s performance was down by 1%.

The financial sector weighed down the overall market performance, with HSBC Holdings falling by 0.8%, Ping An Insurance dropping by 1.5%, AIA Group by 1.9%, and Hong Kong Exchanges and Clearing by 1%.

Leading REITs, which have been downplayed by brokerage firms, experienced another decline with a decrease of 2.5%.