Hang Seng Index plunges below 17,000 points as six blue-chip stocks tumble by over 50%

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AI generated for illustration purpose only.

29th November 2023 – (Hong Kong) The US stock market regained momentum on Tuesday (28th), with the three major indices posting gains ranging from 0.1% to 0.3%. However, the Asia-Pacific stock market showed a slight softness in early trading today (29th), with the Japanese stock market falling by 44 points and the South Korean stock market experiencing a minor decline. In the commodity market, both oil and gold prices rose during the Asian trading session. In the currency market, the U.S. dollar index declined, while the euro and the British pound both strengthened against the U.S. dollar. Moreover, the U.S. dollar also depreciated against the Japanese yen and the South Korean won, each experiencing a drop of nearly 0.5%.

Meanwhile, Hong Kong stocks plummeted below the 17,000-point mark, as the Hang Seng Index (HSI) reported the latest figure of 16,986 points, marking a decline of 367 points. The Hang Seng China Enterprises Index (HSCEI) also experienced a downward trend, falling by 140 points to 5,816 points. Additionally, the Hang Seng Tech Index (HSTECH) dropped by 92 points, reaching 3,908 points. Notably, six blue-chip stocks suffered losses of over 50%. Meituan (3690) plummeted by 11.7%, CG Services (6098), a subsidiary of Country Garden Holdings, fell by 6%, China Overseas Land and Investment (0688) declined by 5.5%, and Galaxy Entertainment Group (0027) experienced a 5.2% drop.

This downward trend in the Hong Kong stock market reflects a significant weakness, as it struggled to maintain above the 17,000-point level. At midday, the HSI closed at 17,010 points, marking a decline of 344 points. Similarly, the HSCEI fell by 130 points to 5,826 points, and the HSTECH dropped by 79 points to 3,920 points. The total trading volume reached HKD 67.4 billion.