Hong Kong stock market lacks direction, Hang Seng Index up 0.17%, Netease drops 0.9%, HSBC remains steady

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8th December 2023 – (Hong Kong) Hong Kong’s stock market opened today with a lack of clear direction. The Hang Seng Index rose by 27 points or 0.17% to reach 16,373 points, while the H-share index opened higher by 19 points or 0.18% at 5,625 points. However, the technology index experienced a slight decline of 0.1%, settling at 3,720 points. At 9.48 m, the Hang Seng Index was observed trading at 16,380.59, reflecting a modest increase of +34.70 points or 0.21% in today’s session.

Within the tech sector, large-scale internet companies saw narrow fluctuations in stock prices. Netease recorded a drop of 0.9%, while JD.com fell by 0.5% and Tencent experienced a minor decline of 0.1%. Alibaba, on the other hand, showed no significant movement. Other tech-related companies displayed moderate gains, with Ctrip rising by 0.2%, Meituan by 0.3%, and Xiaomi by 0.5%.

The financial sector exhibited mixed developments among individual stocks. China Merchants Bank experienced a decline of 1.3%, while China Ping An Insurance dropped by 0.9%. Additionally, AIA Group recorded a decrease of 0.4%, and the Hong Kong Stock Exchange fell by 0.2%. On the positive side, the three major Chinese banks, namely Industrial and Commercial Bank of China (ICBC), Bank of China (BOC), and China Construction Bank (CCB), all saw modest gains ranging from 0.7% to 0.9%. HSBC Holdings also showed resilience, with a 0.6% increase.