Hang Seng Index dips after early gains, tech stocks weaken, SMIC falls over 2%
Wednesday, February 05, 2025       09:32 WIB

5th February 2025 - (Hong Kong) The Hang Seng Index opened higher today but quickly reversed its gains, reflecting a volatile start to the trading day. The index initially rose by 37 points to 20,827 but soon turned negative, dropping 184 points or 0.89% by mid-morning. The Hang Seng China Enterprises Index also fell by 86 points or 1.13% to 7,556, while the Hang Seng Tech Index declined by 68 points or 1.38% to 4,908. Total market turnover stood at approximately HK$21.7 billion.
Tech stocks were broadly weaker, with notable declines across major players. JD.com dropped 3.27%, Trip.com fell 2.89%, Tencent slid 1.66%, Meituan dipped 1.19%, Xiaomi decreased by 0.63%, Alibaba edged down 0.41%, and NetEase saw a marginal decline of 0.06%. In contrast, Kuaishou bucked the trend with a modest rise of 0.34%.
Semiconductor giant SMIC , which had recently hit new highs, experienced a pullback, sliding 2.42% in early trading.
In the financial sector, Hong Kong Exchanges and Clearing fell 1.6%, AIA Group declined 0.65%, and Ping An Insurance dropped 1.36%. HSBC Holdings, however, edged up by 0.37%.
The market's mixed performance came as mainland Chinese markets reopened after a holiday, with northbound capital flows resuming. Despite the initial optimism, the Hang Seng Index's sharp reversal highlighted ongoing investor caution amid uncertain market conditions.

Sumber : dimsumdaily.hk