Hang Seng in the Red, Alibaba and AIA Pressure the Index
Hong Kong stocks opened lower on Wednesday, with the Hang Seng down 0.4% to around 25,480 after a flat session the previous day. This movement left Hong Kong lagging behind other Asian markets, which were supported by strengthening technology stocks and hopes that the Middle East conflict was heading towards de-escalation, although recent tensions remain.
Pressure came from a number of large-cap stocks. Tencent fell 0.3%, Alibaba fell 0.9%, CNOOC fell 3.3%, and AIA Group fell 1.3%. CNOOC's weakness was notable amid the energy sector's sensitivity to changing perceptions of supply risks and oil price volatility.
On the other hand, the index's decline was offset by selective gains in technology and industrials. Xiaomi edged up 0.2%, SMIC jumped 3.7%, and Lenovo rose 6.9%, indicating that investor interest in certain technology themes remains even as the overall index is in the red.
Source: Newsmaker.id