Market Roundup

Hong Kong stocks reversed course and fell during the morning session, weighed down by selling pressure in technology stocks. The Hang Seng Index opened 91 points higher but quickly weakened, with its losses widening to break below 26,100.  By midday, it had declined 254 points, or 0.96%, to 26,090. The Hang Seng China Enterprises Index fell 109 points, or 1.17%, to 9,261, while the Hang Seng Tech Index dropped 137 points, or 2.2%, to 6,120. Total trading volume for the morning session reached HKD 165.2 billion. Major tech companies generally declined, dragging down the broader market; Baidu (9888) plummeted over 7%, and JD.com (9618) fell nearly 5% due to intense competition in the online retail sector.  Sinopharm Group (1093) declined over 5%, with pharmaceutical stocks generally weak.

Source: KGI Investment Products and Solutions Department

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