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Source: Newsmaker.id
The Hang Seng Index closed lower again in Tuesday's trading (Sept 8), extending its decline for a second consecutive session. Hong Kong's benchmark index fell approximately 0.38%, or 96 points, to 25,317, while the Hang Seng Tech Index saw a deeper correction of around 1.61% to 4,454.
Investor sentiment remains clouded by rising oil prices and escalating geopolitical tensions in the Middle East. Concerns that higher energy costs could reignite inflation have led the market to weigh the risk that global central banks might maintain tight monetary policies for longer.
Technology stocks were a primary source of downward pressure. Z.AI plunged about 10%, MiniMax fell 5.6%, and SMIC weakened by approximately 4.3%. Xiaomi also dropped 2.1%, while a number of other major tech stocks traded in negative territory. The weakness in the tech sector caused the Hang Seng Tech Index to suffer a significantly larger correction than the main index.
However, the index's decline was tempered by Chinese trade data showing robust export performance. China's exports surged 25% year-on-year in August, while imports rose 28.2%. The trade surplus reached US$119.09 billion, driven by strong demand for semiconductors, vehicles, and high-tech and AI products.
Activity in Hong Kong's IPO market also remained high. Shenzhen Longsys Electronics began trading after raising approximately HK$7.08 billion through its initial public offering. Shares of the data storage company closed about 1% lower on their debut, though strong demand for memory products and AI-based chips continues to demonstrate investor interest in China's technology sector.
Newsmaker Analysis: The Hang Seng continues to face short-term pressure as rising energy prices and heightened geopolitical risks weigh on tech stocks and risk assets. While strong Chinese export data has helped curb the correction, it has not been sufficient to reverse market sentiment. As long as the technology sector fails to regain buying momentum, the index is likely to remain range-bound between the 25,000 and 25,500 levels. (arl)
Source: Newsmaker.id