Hong Kong stocks experience narrow fluctuations as tech giants slip

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AI-generated image for illustration purpose only.

26th February 2024 – (Hong Kong) The Hong Kong stock market commenced the week on a subdued note, with the Hang Seng Index opening with a slight dip of 40 points, or 0.24%, to stand at 16,684 points. The Hang Seng China Enterprises Index similarly witnessed a modest decline, dropping 14 points to 5,750, while the technology index opened 18 points lower at 3,381 points.

Leading technology companies were among the key drivers of the market’s lacklustre performance. JD.com saw its shares fall by 1.6%, while Tencent Holdings experienced a 1.1% decrease. Baidu’s stocks slipped by 0.8%, NetEase by 0.5%, and Alibaba Group by 0.3%, with both Meituan and Ctrip remaining unchanged.

In contrast, financial stocks showed mixed results. HSBC Holdings edged up by 0.4%, offering a glimmer of resilience amidst the soft market opening. Both the Construction Bank and the Industrial and Commercial Bank of China saw a modest rise of 0.2%. On the other hand, no significant movements were noted for China Ping An and China Merchants Bank. The Bank of China’s shares fell by 0.3%, while the Hong Kong Exchanges and Clearing Limited dipped by 0.8%. AIA Group Limited also recorded a decline, with its shares falling by 0.9%.