The stock market in Hong Kong is facing a notable decline, as the Hang Seng Index has plummeted by over 2,800 points, a figure not witnessed since January 24 of this year. As of 2:14 PM today, the index recorded stood at 19,970.86, indicating a decrease of 2,878.95 points or 12.60%.
This drop comes on the heels of intensifying trade disputes that have prompted a widespread sell-off across global markets, leaving Hong Kong stocks particularly exposed after the holiday period. Initially opening down 2,119 points at 20,730, the Hang Seng Index later saw a decline of as much as 2,735 points to 20,114, before rebounding slightly to show a current decrease of 2,689 points or 11.77%, resting at 20,159 points. The China Enterprises Index faced a drop as well, falling by 1,009 points or 11.99% to 7,410 points, while the Tech Index experienced a sharp decline of 838 points or 15.77%, now at 4,474 points. The total turnover for the main board hit HK$412.6 billion.
Technology stocks have been under particularly heavy pressure, with significant declines such as Tencent down 11.81%, Alibaba dropping 16.27%, Meituan down 13.68%, Xiaomi Group decreasing by 17.43%, JD.com falling 14.11%, and Kuaishou plummeting 16.9%.
Financial stocks reflected this downward trajectory, with HSBC down 14.9%, AIA Insurance falling 10.72%, Ping An Insurance reducing by 12.9%, and the Hong Kong Exchange down 14.26%. Conversely, utility stocks have surfaced as safe havens in this chaotic market, with Power Assets Holdings rising by 1.24%, CLP Holdings climbing 0.7%, and Cheung Kong Infrastructure increasing by 1.04%.