Hang Seng Turns Lower, Dragged Down by Tech Stocks

Hong Kong’s Hang Seng Index closed lower on Monday (November 9, 2026), failing to sustain gains made earlier in the session. The index fell 32.91 points, or 0.13%, to 24,448.95, despite having reached as high as 24,738.88 during the day. This decline reflects mounting selling pressure in the Hong Kong stock market.

The technology sector was a primary driver of the index's weakness. The Hang Seng TECH Index dropped 0.92% to 4,040.73, with shares of Meituan plunging more than 6% after Morgan Stanley downgraded the company and lowered its price target. Tencent, Alibaba, Xiaomi, and JD.com also faced downward pressure.

Conversely, banking stocks helped limit the index's losses. Bank of China and Bank of Communications both rose by more than 2%, while the Agricultural Bank of China also saw gains. These advances indicate that investor interest in banking stocks remains robust.

Market sentiment was also tempered by investor caution regarding China’s economic outlook and the sustainability of growth in the technology sector. Concerns over valuations and a potential slowdown in corporate earnings have led market participants to be more selective in their positioning.

Newsmaker notes that the Hang Seng Index may continue to experience volatility in the near term. An improvement in sentiment toward the tech sector, coupled with support from Chinese economic stimulus, could pave the way for a recovery. However, if selling pressure on tech stocks persists, the index risks further declines in upcoming trading sessions.