The Hang Seng Index fell 321 points or 1.37% to 23090 in morning trading, after opening down 23 points at 23388 and reaching an intraday low of 23004. Selling pressure continued in Hong Kong stocks following a brief rebound the previous day, with the index declining as much as 407 points during the session. Morning turnover reached HK$173.308 billion with northbound capital recording a net inflow of HK$1.553 billion, while Asian markets generally traded higher.
Hang Seng Index Falls 321 Points in Morning Session
The Hang Seng Index opened down 23 points at 23388, which marked the morning session high. The index extended losses to a maximum decline of 407 points, reaching an intraday low of 23004 points. At midday, the index closed down 321 points or 1.37% at 23090 points.
The Hang Seng China Enterprises Index fell 145 points or 1.88% to 7619 points. The Hang Seng Tech Index declined 74 points or 1.66% to 4404 points.
Sunny Optical and Trip.com Drop 10.3% Each
Sunny Optical (02382) opened higher by half a percentage point before reversing course to close the morning session down 10.3% at HK$68.05, making it the worst-performing blue chip in morning trading.
Trip.com Group (09961) fell 10.3% to HK$317.2, ranking as the second-worst performing blue chip. The company reported first-quarter profit declined 42% and forecast slower revenue growth in the second quarter.
Techtronic Industries (00669) rose 5.8% to HK$128.4, marking the best-performing blue chip in the morning session.
Tech Stocks Decline Broadly Across Sector
Technology stocks experienced notable declines during morning trading. Baidu (09888) fell 3.5% to HK$103.3. JD.com (09618) dropped 2.6% to HK$98.45. Tencent (00700) declined 1.3% to HK$423.4. Alibaba (09988) fell 4.2% to HK$95.2. Xiaomi (01810) dropped 3.6% to HK$22.14. Meituan (03690) declined 1.6% to HK$66.65.
Financial stocks also traded lower. HSBC (00005) fell 0.7% to HK$147.1. AIA (01299) dropped 2.2% to HK$72.
Resource Stocks Sold Off as Gold Falls Below $4000
Resource stocks continued to face selling pressure as spot gold fell below the $4000 mark. China Molybdenum (03993) dropped 6.4% to HK$15.69. Zijin Mining (02899) fell 5.8% to HK$27.74. Aluminum Corporation of China (02600) declined 3.7% to HK$7.74. China Hongqiao (01378) dropped 5.9% to HK$20.5.
Property Stocks Attract Buying Interest
Property stocks saw buying activity during the morning session. Wharf Real Estate (01997) rose 4.8% to HK$22.74. Sun Hung Kai Properties (00016) gained 3.9% to HK$118.1. Link REIT (00823) advanced 2.1% to HK$36.26. Henderson Land (00012) climbed 1.9% to HK$25.8.
National United Resources (00254) experienced abnormal price movement, plunging 85.9% to HK$0.156 in morning trading.
FAQ
What happened to the Hang Seng Index in morning trading?
The Hang Seng Index fell 321 points or 1.37% to 23090 in morning trading, after opening down 23 points at 23388 and reaching an intraday low of 23004 points.
Why did Sunny Optical and Trip.com both drop 10.3%?
Sunny Optical (02382) opened higher before reversing to close down 10.3% at HK$68.05, becoming the worst-performing blue chip. Trip.com Group (09961) fell 10.3% to HK$317.2 after reporting first-quarter profit declined 42% and forecasting slower second-quarter revenue growth.
How did resource stocks perform as gold prices moved?
Resource stocks faced selling pressure as spot gold fell below $4000. China Molybdenum dropped 6.4% to HK$15.69, Zijin Mining fell 5.8% to HK$27.74, Aluminum Corporation of China declined 3.7% to HK$7.74, and China Hongqiao dropped 5.9% to HK$20.5.
