Hang Seng Index starts strong before retreating

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7th June 2024 – (Hong Kong) The Hang Seng Index showed an initial surge of 85 points, reaching 18,562, but eventually reversed its gains with a decline of 72 points to 18,404. The latest data indicates a drop of 62 points or 0.34%, settling at 18,413. The H-share index also experienced a downturn, falling 23 points or 0.35% to 6,531, while the technology index saw a decline of 41 points or 1.08%, closing at 3,799.

In the individual stock developments, major tech companies had mixed results. Meituan surpassed expectations in terms of performance but faced a 0.6% decline in its stock price. Tencent and Xiaomi both experienced declines of 0.5%, while Alibaba saw a 0.5% increase. JD Group and Kuaishou faced declines of 1.4% and 1.8% respectively.

The financial sector exhibited varied performance, with HSBC Holdings witnessing a 0.5% increase, while Ping An Insurance, Hong Kong Exchanges, and AIA Group all experienced slight declines of 0.7%, 0.1%, and 0.1% respectively.

In the automotive industry, NIO faced significant pressure with a sharp decline of 6.7% following its strong performance. Other companies such as XPeng Motors, Li Auto, BYD Company, and Geely Auto also saw declines of 1.6%, 2.8%, 0.6%, and 1.3% respectively.

International oil prices recorded a high close overnight, providing support for oil stocks. CNOOC, PetroChina, and Sinopec all experienced increases of 0.9%, 0.8%, and 0.8% respectively.