Hang Seng Opens Lower as Alibaba and Zhipu Gain
Hong Kong stocks opened slightly lower on Thursday as renewed geopolitical tensions weighed on market sentiment. The Hang Seng Index slipped 18 points, or 0.07%, to 24,181 at the open, with market turnover reaching around HK$7.16 billion.
Despite weakness in the broader market, technology shares showed a stronger performance. The Hang Seng Tech Index rose about 0.3% to 4,744, while the China Enterprises Index was little changed at 8,083.
Among major stocks, Alibaba gained 2.4%, Tencent edged up 0.04%, Xiaomi advanced 0.47%, while Meituan slipped 0.18%. Zhipu Z.ai also climbed about 3% following a share placement, while the CSOP SK Hynix Daily 2x Leveraged Product rebounded 15%.
Later in early trading, Zhipu surged more than 21% to hit a high of HK$2,222 by 09:38 local time, making it one of the most closely watched movers in the session.
On the economic front, China reported that consumer prices rose 1.0% year-on-year in June, slightly below market expectations of 1.1% and lower than the previous reading of 1.2%. Meanwhile, producer prices increased 4.1%, in line with expectations and higher than the prior figure of 3.9%.
Source : Newsmaker.id
