Hong Kong stocks declined over 200 points in afternoon trading, with the Hang Seng Index falling below the 24000 level as of 2:05 PM. Selling pressure intensified during the afternoon session after the market opened down 18 points and briefly rallied 154 points earlier in the day. The decline followed the previous day's 702-point gain that had pushed the index above 24000, amid deteriorating Middle East geopolitical conditions.
Hang Seng Index Records Intraday Volatility With 282-Point Swing
The Hang Seng Index opened down 18 points and initially extended losses to over 100 points before buyers pushed the market into positive territory. The index reached an intraday high of 24353 points, up 154 points from the opening level. Following midday trading, selling pressure increased and the index fell through the morning low to reach 23917 points, down 282 points at its lowest point.
As of 2:05 PM, the Hang Seng Index traded at 24013 points, down 185 points or 0.77%. The Hang Seng China Enterprises Index fell 80 points or 0.99% to 8004 points. The Hang Seng Tech Index declined 7 points or 0.15% to 4723 points.
Tech Stocks Show Mixed Performance Led by Alibaba Gains
Tech stocks displayed divergent movements during the session. Tencent (00700) reversed earlier gains to fall 2.3% to 467.6 Hong Kong dollars. Alibaba (09988) extended the previous day's 12% surge with an additional 0.7% gain to 108.3 Hong Kong dollars.
Meituan (03690) declined 3.1% to 78.4 Hong Kong dollars. Baidu (09888) fell 3.2% to 113.8 Hong Kong dollars. JD.com (09618) dropped 0.5% to 107.9 Hong Kong dollars. Xiaomi (01810) gave back 2.5% to 24.68 Hong Kong dollars after sharp gains the previous day. NetEase (09999) slipped 0.6% to 212.6 Hong Kong dollars. Kuaishou (01024) decreased 3.7% to 42.36 Hong Kong dollars.
Gold and Silver Stocks Decline Amid Falling International Prices
Gold and silver stocks came under pressure as international gold and silver prices moved lower. Luk Fook Gold (06181) fell 6.4% to 379.8 Hong Kong dollars, registering as the weakest performing blue chip stock.
Zijin Mining (02899) declined 3% to 28.84 Hong Kong dollars. Zijin Gold International (02259) dropped 6.7% to 97.35 Hong Kong dollars. Lingbao Gold (03330) fell 8.3% to 13.97 Hong Kong dollars. Shandong Gold (01787) decreased 6.7% to 17.7 Hong Kong dollars. China Silver Group (00815) declined 6.6% to 0.285 Hong Kong dollars.
FAQ
What happened to Hong Kong stocks in afternoon trading?
The Hang Seng Index fell over 200 points in afternoon trading, dropping below the 24000 level. As of 2:05 PM, the index traded at 24013 points, down 185 points or 0.77%, after reaching an intraday low of 23917 points.
Which sector performed worst in Hong Kong stocks?
Gold and silver stocks recorded the steepest declines as international precious metal prices fell. Luk Fook Gold dropped 6.4% to become the weakest performing blue chip, while Lingbao Gold fell 8.3% and China Silver Group declined 6.6%.
How did major tech stocks perform?
Tech stocks showed mixed results. Alibaba gained 0.7% to 108.3 Hong Kong dollars, extending the previous day's 12% surge. Tencent fell 2.3% to 467.6 Hong Kong dollars, while Meituan declined 3.1% to 78.4 Hong Kong dollars and Kuaishou dropped 3.7% to 42.36 Hong Kong dollars.
