Solid Gold Berjangka – The Hang Seng Index closed 32.91 points, or 0.13%, lower at 24,448.95 in Monday’s trading session (November 9). The index failed to sustain its intraday gains—having reached a high of 24,738.88—reflecting mounting selling pressure in the Hong Kong market.
The technology sector served as the primary drag, with the Hang Seng TECH Index falling 0.92% to 4,040.73. Shares of Meituan plummeted by more than 6% after Morgan Stanley downgraded the company’s rating and price target, while Tencent, Alibaba, Xiaomi, and JD.com also faced downward pressure.
Conversely, banking stocks helped limit the index's decline. Bank of China and Bank of Communications both rose by over 2%, with the Agricultural Bank of China also posting gains.
Market sentiment remains cautious as investors continue to monitor China’s economic outlook and the sustainability of growth within the technology sector. Concerns regarding valuations and a potential slowdown in corporate earnings have prompted market participants to be more selective in their positioning.
In the short term, the Hang Seng is likely to remain volatile. An improvement in sentiment toward tech stocks, coupled with support from Chinese economic stimulus, could pave the way for a recovery; however, persistent selling pressure in the technology sector risks pushing the index lower. (srh)