Hong Kong stocks open soft as Hang Seng Index drops 5 points to 16,334

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19th February 2024 – (Hong Kong) In the Hong Kong stock market’s early trading today, a slight softness was observed as major indices experienced modest declines. The Hang Seng Index slipped by 5 points, settling at 16,334. Meanwhile, the State-Owned Enterprises Index opened lower by 16 points or 0.3%, reaching 5,541. The Technology Index also witnessed a downward trend, dropping 22 points or 0.68% to 3,320.

The decline in the overall market performance was primarily driven by the underperformance of large-scale technology and internet-related stocks. Jingdong Group, one of the leading e-commerce companies, experienced a significant drop of nearly 2%. Similarly, NetEase saw a decline of 1.5%, while Baidu recorded a 1.1% decrease. Other notable declines included Alibaba, down 0.7%, and Tencent and Xiaomi Group, both down 0.1%. On the positive side, Meituan, managed to gain 0.4%. Ctrip remained unchanged.

On the other hand, individual developments were observed among financial stocks. A notable performer was AIA Group, with shares rising by 1.1%. HSBC Holdings also exhibited positive momentum, with a 0.9% increase. Industrial and Commercial Bank of China (ICBC) saw a modest rise of 0.2%. Hong Kong Exchanges and Clearing Limited (HKEX) experienced a slight uptick of 0.1%. China Ping An Insurance and Bank of China remained stable. However, Construction Bank of China registered a decline of 0.2%, while China Merchants Bank experienced a 0.3% decrease.