HSI Lowers 143 pts at Open as Techs Slump
Hong Kong stocks opened down in the morning. $Hang Seng Index (800000.HK)$ opened lower by 143 points or 0.8% at 17,946, $Hang Seng China Enterprises Index (800100.HK)$ opened lower by 50 points or 0.8% at 6,426, and $Hang Seng TECH Index (800700.HK)$ opened lower by 23 points or 0.6% at 3,666.
China's $SSE Composite Index (800146.HK)$ drops 0.66%, $CSI 300 Index (800122.HK)$ is down 0.7%.
$Amazon (AMZN.US)$ will launch a Temu-like store that ships directly from China. E-commerce stock $BABA-SW (09988.HK)$ opened falling 1.2% at $72.
For other tech stocks, $TENCENT (00700.HK)$ opened dropping 0.6% at $379.6, while $MEITUAN-W (03690.HK)$ , $XIAOMI-W (01810.HK)$ , $JD-SW (09618.HK)$ and $BIDU-SW (09888.HK)$ opened declining 0.9%-1.6%. $BILIBILI-W (09626.HK)$ slumped 3.2% at open.
Memory chip stock $Micron Technology (MU.US)$ slipped during after-hours as its revenue forecast failed to beat expectations. Chip stocks $SMIC (00981.HK)$ and $HUA HONG SEMI (01347.HK)$ opened lowering 1.4% and 1.3%, while PC maker $LENOVO GROUP (00992.HK)$ opened dipping 1.4%.
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