Hong Kong Stocks Fall Over 1% Early; Hang Seng Tests 23000 Level on U.S. Rate Concerns

As of 10:32 AM on June 25, Hong Kong's Hang Seng Index fell 394 points to 23017, down 1.69%, testing the 23000 support level amid renewed U.S. interest rate concerns. The Nasdaq and S&P 500 declined overnight, spurring regional selloffs.

Tech stocks led declines: Alibaba fell 4.7%, Meituan 4%, Xiaomi 4.4%, Baidu 3.6%, and JD.com 3.1%. The Tech Index dropped 2.38%, and the National Index fell 2.26%. Spot gold broke below $4000 per ounce, pressuring resource stocks including Zijin Mining, down 6.6%.